President Bola Tinubu has called for deeper economic integration in Africa, saying the continent must prioritize growth and industrialization to compete globally.
Speaking on Tuesday at the Africa Forward Summit in Nairobi, Tinubu said Africa’s development was being held back by high borrowing costs, limited access to affordable credit, and continued reliance on raw material exports.
The summit, co-hosted by French President Emmanuel Macron and Kenyan President William Ruto, brought together leaders from over 30 countries, UN Secretary-General António Guterres, and African Union Commission Chairman Mahamoud Youssouf.
Tinubu said Nigeria was advancing reforms including fuel subsidy removal, exchange rate unification, and banking recapitalization worth over $45.5 billion to restore investor confidence. He noted, however, that Nigeria would spend about $11.6 billion on debt servicing in 2026, limiting funds for industrialization and other priorities.
“How can an African manufacturer compete with competitors in Europe, Asia, or North America when borrowing costs in Africa are five to ten times higher?” he asked.
He urged reforms to the global financial system, saying it risked irrelevance if it failed to address inequities facing African economies. Tinubu said Nigeria was not seeking aid but a fair system that allows the continent to process minerals, refine crude oil, and manufacture pharmaceuticals.
On the maritime economy, Tinubu said Nigeria would offer its Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for Gulf of Guinea states. He called for interoperable systems, harmonized laws, and joint enforcement to secure sea lanes and attract private investment.
“Africa must move from sea blindness to ocean sovereignty,” he said, describing the continent’s oceans as a shared heritage requiring stronger institutions and coordinated security.
Tinubu also said African governments and partners should address the root causes of migration by investing in infrastructure, agriculture, digital skills, and energy to create jobs for young people.
He was accompanied by ministers and business leaders including Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu, and Aigboje Aig-Imoukhuede. On the sidelines, he met Madagascar’s President Michael Randrianirina and CAF President Patrice Motsepe, expressing Nigeria’s readiness to host the 2026 CAF Awards.
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