Tinubu Calls for Global Financial Reform to Unlock Africa’s Industrial Growth
Nigerian President Bola Ahmed Tinubu has urged world leaders and international financial institutions to overhaul the global financial system, warning that current structures are undermining Africa’s industrialisation and long-term economic growth.
Speaking at the Africa Forward Forum in Nairobi, Tinubu argued that Africa continues to face structurally high borrowing costs, limited access to affordable capital, and financial systems that favour developed economies.
The summit, co-chaired by French President Emmanuel Macron and Kenyan President William Ruto, brought together more than 30 African leaders, investors, policymakers, and multinational business executives to discuss industrialisation, trade, climate financing, energy transition, and digital transformation across the continent.
Nigeria Pushes for Fairer Global Financing
Tinubu said Africa’s persistent dependence on exporting raw materials while importing finished goods reflected deeper imbalances in the global economic order.
“Africa’s industrial base is being starved of affordable long-term finance,” the Nigerian leader said, arguing that global financial institutions and credit rating systems continue to treat African economies as permanently high-risk markets despite ongoing reforms.
He noted that Nigeria had implemented major economic reforms, including fuel subsidy removal, exchange-rate unification, banking sector recapitalisation, and efforts to strengthen financial transparency.
According to Tinubu, those measures have helped improve investor confidence, boost foreign reserves to $45.5 billion, and lower Nigeria’s debt-to-GDP ratio, projected at 32.3 per cent in 2026.
However, he warned that high borrowing costs continue to limit industrial expansion and infrastructure development across the continent.
“How can African manufacturers compete globally when borrowing costs are five to ten times higher than in Europe or Asia?” Tinubu asked.
Africa Seeks Shift From Aid to Investment
The summit highlighted a broader push by African leaders to reposition the continent as an investment destination rather than a recipient of aid.
President William Ruto said African countries were seeking “investment, fair trade, and equal partnerships,” stressing that the continent wanted to move beyond dependency-driven economic relationships.
French President Emmanuel Macron also called for greater “strategic autonomy” between Africa and Europe, particularly in critical sectors such as energy, artificial intelligence, technology, and mineral processing.
Macron said both regions faced growing pressure to reduce dependence on the United States and China in key strategic industries.
Nigeria-France Business Ties Deepen
On the sidelines of the summit, Tinubu welcomed the outcome of the 10th France-Nigeria Business Council meeting, describing it as evidence of strengthening economic ties between both countries.
Nigeria remains the largest destination for French investment in sub-Saharan Africa, with bilateral trade reaching an estimated $4.7 billion in 2025.
Business leaders attending the summit included Aliko Dangote of Dangote Group, Tony Elumelu of United Bank for Africa, Abdul Samad Rabiu of BUA Group, and Aigboje Aig-Imoukhuede of Access Holdings Plc.
Tinubu also welcomed a new partnership between Accor and Shoreline Group to establish Nigeria’s first national hotel platform, describing the agreement as a vote of confidence in Nigeria’s tourism and services sector.
UN Calls Current Global System “Deeply Unfair”
United Nations Secretary-General Antonio Guterres used the forum to advocate reforms to global governance and financial institutions, arguing that Africa remains underrepresented in international decision-making structures.
Guterres described the current global system as “deeply unfair,” citing elevated borrowing costs for African countries and the continent’s exclusion from permanent membership on the UN Security Council.
He also urged greater international support for climate adaptation financing and infrastructure investment across Africa.
Focus on Industrialisation and Energy Security
The summit placed significant emphasis on industrialisation, energy access, digital innovation, and intra-African trade under the African Continental Free Trade Area framework.
Tinubu said Nigeria was positioning itself as a major industrial and logistics hub through reforms in banking, energy, agriculture, maritime development, and digital infrastructure.
He also highlighted the importance of Africa’s “blue economy,” stressing that maritime security and ocean governance would play a critical role in the continent’s future economic growth.
Analysts say the forum reflects growing efforts by African governments to secure more favourable financing terms, attract foreign investment, and strengthen regional value chains as the continent seeks faster economic transformation in an increasingly fragmented global economy.