Tinubu Rallies Africa Towards Deeper Integration at Afreximbank

President Bola Ahmed Tinubu has called on African nations to embrace bolder economic integration and collective self-reliance, declaring that the continent must chart its own destiny amid shifting global trade dynamics.

Delivering a keynote address at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja on Thursday, Tinubu said Nigeria’s hosting of the event reflected its role as Africa’s most populous nation and a strong advocate for unity and progress.

“This is a moment to reflect on our shared resilience and renew our commitment to shaping Africa’s future boldly and deliberately,” Tinubu told delegates.

The President praised Afreximbank’s three decades of impact, noting the institution had mobilised over $250 billion in trade and development finance since inception, with $140 billion deployed in the last decade alone. Under the leadership of Professor Benedict Oramah, he said, the bank expanded its assets from $5 billion to more than $37 billion, supporting Africa’s pandemic response, industrialisation drive, and creative economy.

Highlighting Nigeria’s own partnership with the bank (Afreximbank), Tinubu disclosed that the country had received over $52 billion in financing that enabled major projects, including the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre.

The President also announced that Nigeria had formally approved the Pan-African Payment and Settlement System (PAPSS), which facilitates cross-border trade in local currencies. He urged other African nations to adopt PAPSS to reduce foreign exchange dependence and improve economic stability.

On domestic reforms, Tinubu cited his administration’s removal of fuel subsidies, exchange rate unification, and tax reforms as essential steps to address systemic distortions and restore investor confidence.

“Since May 2023, we have advanced tough but necessary reforms rooted in macroeconomic stability, inclusive growth, and restored productivity,” he said.

Tinubu said Nigeria recorded GDP growth of 3.4% in 2024, with oil production rebounding to 1.5 million barrels per day. He noted progress in reducing inflation, stabilising the naira, lowering debt servicing costs, and expanding access to credit and education.

Among the achievements highlighted:

• Over 100,000 Nigerians accessed the new national consumer credit scheme.
• A landmark student loan programme was launched.
• ₦45.9 billion was spent to upgrade 8,800 primary healthcare centres.
• Thousands of kilometres of fibre-optic cables were deployed to bridge the digital divide.
• Over 279 road projects were completed, with major corridors like the Lagos–Calabar Coastal Highway underway.

Looking ahead, Tinubu announced the launch of the Africa Energy Bank, to be headquartered in Abuja with $5 billion in initial capital to finance Africa’s energy transition. He said Nigeria would also scale its fertiliser sector to 7.5 million tonnes annually, positioning itself as the continent’s fertiliser hub.

In his closing remarks, the President outlined four priorities for African leaders: fully adopting PAPSS, strengthening financial support to Afreximbank, treating intra-African trade as a strategic pathway, and empowering youth and entrepreneurs.

“The world will not wait for Africa,” he said. “A united and purposeful Africa can define its destiny.”