President Bola Ahmed Tinubu has called on African nations to stop depending heavily on raw material exports and instead focus on processing their own resources to compete effectively in the global economy.
Speaking at the Africa Forward Summit in Nairobi, Kenya, Tinubu stressed the need for stronger economic integration, industrial growth, and reforms in the global financial system, which he said continues to disadvantage African countries. He argued that Africa cannot continue exporting crude minerals and agricultural products while importing finished goods at higher costs.
The President also highlighted Nigeria’s blue economy potential, promising stronger regional cooperation through the country’s Deep Blue maritime security project to improve safety and attract investment across the Gulf of Guinea.
Tinubu further stated that Nigeria has taken difficult economic decisions, including fuel subsidy removal and exchange rate reforms, to stabilise the economy and restore investor confidence. However, he warned that high borrowing costs and global financial policies continue to slow industrial development across Africa.
