President Bola Ahmed Tinubu has called for reforms to the global financial system to support Africa’s industrialisation and long term economic growth.
Tinubu made the call while speaking at the Africa Forward Summit in Nairobi, co hosted by French President Emmanuel Macron and Kenyan President William Ruto. The summit brought together leaders and stakeholders from more than 30 countries to discuss trade, investment, security, and development across Africa.
According to the Nigerian President, Africa’s industrial progress continues to face setbacks due to limited access to affordable financing and what he described as unfair global financial structures.
Tinubu highlighted several economic reforms introduced by his administration, including the removal of fuel subsidy, exchange rate unification, and banking sector recapitalisation, stating that the measures were aimed at strengthening the economy and restoring investor confidence.
He noted, however, that many African countries still struggle with high borrowing costs that limit industrial expansion and infrastructure development.
The President also spoke on regional security and maritime development, revealing plans to expand cooperation under Nigeria’s Deep Blue Project to boost security and investment opportunities within the Gulf of Guinea.
On migration, Tinubu called for stronger international collaboration to address the root causes of irregular migration through investments in jobs, agriculture, infrastructure, and digital skills across the continent.
He further urged African nations and global partners to deepen cooperation on industrialisation, trade integration, climate action, and implementation of the African Continental Free Trade Area framework.
Among those who accompanied the President to the summit were Minister of Foreign Affairs Bianca Odumegwu-Ojukwu, Aliko Dangote, Abdul Samad Rabiu, and Tony Elumelu.