President Bola Tinubu on Tuesday called for a sweeping reform of the international financial system, arguing it systematically hampers Africa’s industrialization by denying affordable capital and tolerating illicit outflows.
Speaking at the Africa Forward summit in Nairobi, co-hosted by French President Emmanuel Macron and Kenyan President William Ruto, President Tinubu led a high-powered delegation that included top Ministers and business leaders like Aliko Dangote and Tony Elumelu.
Special Adviser on Information and Strategy to the President Bayo Onanuga in a statement said the summit drew leaders from more than 30 African nations, UN Secretary-General Antonio Guterres, and African Union Commission Chairman Mahamoud Ali Youssouf.
He said President Tinubu showcased Nigeria’s blue economy as a cornerstone of continental growth, pledging to share the Deep Blue Project’s maritime intelligence as a regional data hub for Gulf of Guinea states.
“Maritime sovereignty does not repel investment—it attracts it,” he said, endorsing the Nairobi Declaration on ocean governance.
The President committed Nigeria to climate-aligned port upgrades and digital maritime transformation to draw private capital.
President Tinubu’s sharpest critique targeted global finance.
“Africa’s share of global manufacturing value added remains below 2%,” President Tinubu said.
“We export raw minerals and crude oil…and import processed goods at a premium.”
He accused the system of “industrial disarmament,” demanding credit assessments based on fundamentals, not stereotypes, to enable processing of minerals, oil refining, and pharmaceutical production under the African Continental Free Trade Area.
On migration, the President tied solutions to economic investment, urging partners to earmark official development assistance for job-creating programs in climate adaptation, energy, and digital skills.
He called for a binding upgrade to the Global Compact for Migration, linking African frameworks like the Khartoum Process to global bodies.
Side meetings included talks with Madagascar’s President Michael Randrianirina and CAF President Patrice Motsepe, where Nigeria offered to host the 2026 awards.
Ministers also held bilaterals on trade, AI, agro-industry, and AfCFTA, while business executives brainstormed investment in health care and climate resilience.
France, meanwhile, pressed for equal economic ties, with African leaders seeking easier credit for infrastructure.
