President Bola Tinubu has called for urgent reforms to the global financial system to support Africa’s industrialisation and economic growth.
He stated this at the Africa Forward Summit held at the Kenyatta Convention Centre in Nairobi, Kenya, according to a statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga.
The summit, jointly hosted by French President Emmanuel Macron and Kenyan President William Ruto, gathered leaders and senior officials from more than 30 African countries to discuss economic cooperation, investment, migration, security, and sustainable development.
Representing Nigeria alongside top government officials and business leaders, President Tinubu stressed the need for stronger African economic integration and fairer access to global finance.
He argued that the current international financial architecture continues to disadvantage African economies by limiting access to affordable capital and encouraging dependence on raw material exports.
Tinubu noted that despite implementing difficult economic reforms — including fuel subsidy removal, exchange rate unification, banking sector recapitalisation, and Nigeria’s exit from the FATF grey list — African nations still face excessively high borrowing costs.
According to the President, Nigeria is projected to spend about $11.6 billion on debt servicing in 2026, funds he said could otherwise support industrial growth, infrastructure, energy, and job creation.
He maintained that Africa cannot successfully industrialise while borrowing costs remain significantly higher than those in Europe, Asia, and North America, describing the current financial system as an “instrument of industrial disarmament” against the continent.
Tinubu also highlighted Nigeria’s commitment to developing the blue economy, pledging stronger regional maritime cooperation through the country’s Deep Blue Project. He said Nigeria would make its maritime intelligence infrastructure available to willing Gulf of Guinea nations to strengthen security, investment, and ocean governance.
On migration and security, the President urged international partners to invest more in climate adaptation, energy access, digital skills, agriculture, and youth employment to address the root causes of irregular migration.
He further called for improved global migration governance and stronger collaboration between African and international institutions to ensure safer and more organised migration systems.
During the summit, Tinubu held bilateral talks with Madagascar’s President and also met with CAF President Patrice Motsepe, expressing Nigeria’s readiness to host the 2026 CAF Awards.
The Nigerian delegation included several ministers, senior government officials, and leading business figures such as Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, and Aigboje Aig-Imoukhuede.
The summit also featured discussions on industrialisation, trade, agriculture, digital innovation, artificial intelligence, healthcare, climate change, entrepreneurship, and the implementation of the African Continental Free Trade Area (AfCFTA).
