President Bola Ahmed Tinubu has called for a major reform of the global financial system, arguing that Africa cannot achieve meaningful industrialisation under the current international economic structure.
Speaking on Tuesday at the Africa Forward Summit held at the Kenyatta International Convention Centre in Nairobi, Kenya, President Tinubu said African nations continue to face structural financial barriers that undermine growth, industrialisation and competitiveness.
The summit, jointly hosted by French President Emmanuel Macron and Kenyan President William Ruto, brought together leaders, diplomats and business executives from over 30 countries. United Nations Secretary-General António Guterres and African Union Commission Chairman Mahamoud Ali Youssouf also addressed participants.
According to a statement issued by Presidential spokesman Bayo Onanuga, Tinubu led Nigeria’s delegation to the summit and advocated stronger economic integration that prioritises Africa’s prosperity.
The President criticised what he described as a global financial architecture that deprives African countries of affordable long-term capital while forcing them into dependence on raw material exports.
“Despite decades of independence, Africa’s share of global manufacturing value added remains below two per cent,” Tinubu said.
“We export raw minerals, crude oil and agricultural commodities, and import processed goods at a premium. This pattern is not accidental but the product of a global financial system that starves our industries of affordable capital.”
Tinubu said Nigeria had implemented difficult but necessary economic reforms, including fuel subsidy removal, exchange rate unification and banking recapitalisation, stressing that these were sovereign decisions aimed at stabilising the economy.
He noted that despite these reforms, African economies continue to face punitive borrowing costs.
“Every dollar spent servicing debt is a dollar not invested in steel, textiles, agro-processing or digital industries,” he stated.
The President revealed that Nigeria is projected to spend about $11.6 billion on debt servicing in 2026, nearly half of expected government revenue.
He argued that African manufacturers cannot compete globally when borrowing costs on the continent are significantly higher than in Europe, Asia or North America.
“The international financial architecture, as currently constituted, is an instrument of industrial disarmament for Africa,” Tinubu declared.
On maritime development, Tinubu highlighted Nigeria’s blue economy potential and pledged deeper regional cooperation to secure the Gulf of Guinea.
He announced that Nigeria would make its Deep Blue Project maritime intelligence infrastructure available as a shared data hub for willing regional partners.
According to him, stronger maritime security, harmonised regulations and improved governance would help attract private investment and support climate-aligned port modernisation.
“The oceans have no duplicate as a common heritage of mankind. For Africa, moving from sea blindness to ocean sovereignty is not a choice — it is a generational duty,” he said.
The President also addressed migration and security issues, urging international partners to invest more in African economies to reduce the desperation driving irregular migration.
He called for targeted investments in climate adaptation, energy access, agriculture, infrastructure and digital skills development.
Tinubu further advocated stronger cooperation between African and global institutions on migration governance, saying existing frameworks remain underfunded and insufficient.
On the sidelines of the summit, the Nigerian leader held bilateral talks with Madagascar’s President Michael Randrianirina and met with Confederation of African Football President Patrice Motsepe, where he reaffirmed Nigeria’s readiness to host the 2026 CAF Awards.
The Nigerian delegation included several ministers and leading business figures such as Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu and Aigboje Aig-Imoukhuede.
— With reports from the Presidency/Bayo Onanuga.
