Tinubu Pushes for Industrialisation as Afreximbank Invests Heavily in Nigeria

• President Bola Tinubu met with a delegation from African Export-Import Bank, led by President and Chairman of Board, Dr. George Elombi, at State House, Abuja.
• The meeting was to discuss strengthening economic cooperation across Africa and mobilising the continent's vast resources for economic advancement.
• Dr. Elombi briefed the president on Afreximbank's portfolios and activities in Nigeria, including investments in trade, agricultural processing, value chain, and healthcare.
• Afreximbank has invested $15-20 billion in Nigeria over the last five years, with plans to increase its investment in the country's solid minerals sector and agricultural sector.
• President Tinubu emphasized the need for Afreximbank to synergise with the Bank of Agriculture and make more investments in the production of crops such as cocoa, palm kernel, and palm oil.
• The president also highlighted the importance of value addition in the agricultural sector, citing the example of solid mineral deposits such as lithium that can be used for production and value addition in batteries and other manufacturing ecosystems.
• Afreximbank has committed $2 billion to support Nigeria's cotton and garment industry, and has invested in the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway line.
• President Tinubu also discussed the issue of farmer-herder clashes, stating that his government had turned the conflict into an economic opportunity through the introduction of the Federal Ministry of Livestock Development.
• The ministry aims to create economic opportunities for citizens through the development of the cotton, ginnery, and garment industries.
• Senator John Enoh, the Minister of State for Industry, described the president's economic diversification policies as a transformative blueprint that is repositioning Nigeria for sustainable economic growth, industrial expansion, and shared prosperity.
• Afreximbank's President, Dr. George Elombi, thanked the president for his support, which led to his election as the president of the bank, and briefed him on the bank's portfolios and activities in Nigeria.
• Dr. Elombi highlighted the bank's efforts to reverse health tourism on the continent and its commitment to investing in the Nigerian economy.

Afreximbank and the Nigerian government have a long-standing relationship, dating back to the 1990s when the bank was established. Since then, the bank has invested heavily in Nigeria's economy, including in the agricultural sector. According to Dr. Elombi, the bank's efforts to reverse health tourism on the continent and its commitment to investing in the Nigerian economy are part of its strategy to achieve food security and promote economic growth in Africa.