President Bola Tinubu has called for a major shift in Africa’s economic structure, insisting that the continent must stop exporting raw materials and start building industries capable of competing globally.

Tinubu spoke on Tuesday at the Africa Forward Summit in Nairobi, Kenya, where he led Nigeria’s delegation of top government officials and private sector leaders to discussions on industrialisation, trade and economic development across Africa.

The President said Africa’s continued dependence on exporting crude oil, minerals and agricultural commodities while importing finished products was damaging local industries and slowing economic growth.

“We export raw minerals, crude oil and agricultural commodities, and we import processed goods at a premium.

This pattern is not an accident. It is the product of a global financial architecture that starves our industries of affordable capital,” Tinubu said.

He argued that African countries still face unfair borrowing conditions despite implementing difficult economic reforms aimed at stabilising their economies and attracting investment.

According to him, Nigeria’s recent reforms, including fuel subsidy removal, exchange rate unification and banking recapitalisation, were necessary steps taken to reposition the economy for long-term growth.

“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, textile mills, agro-processing plants or digital industries,” the President stated.

Tinubu also used the summit to promote Nigeria’s maritime and blue economy potential, pledging stronger regional cooperation through the country’s Deep Blue Project to improve security in the Gulf of Guinea.

“Secure sea lanes, predictable regulation and functional courts are the preconditions that unlock private capital.

Nigeria is ready to work with other Gulf of Guinea states through shared maritime intelligence and coordinated enforcement,” he said.

•Photo: French President Emmanuel Macron attends the Africa Forward Summit 2026 at the Kenyatta International Convention Centre (KICC), in Nairobi, Kenya, May 12, 2026. REUTERS/Monicah Mwangi.

French President Emmanuel Macron said yesterday France had ‌mobilised €23 billion ($27.01 billion) during the African Forward Summit in Nairobi for investments in Africa, to develop new partnerships in Africa after seeing its influence fade in former colonies in West Africa.

More than 30 African leaders, as well as heads of multilateral financial institutions and business executives from across Africa and France, are attending the Nairobi summit, the first France has held in an English-speaking country.

Macron said that rather than African leaders borrowing to fund infrastructure development, he supported creating a first-loss guarantee mechanism to de-risk investments on the continent and would lobby for the idea at the G7 summit next month.

The summit, co-hosted by France and Kenya, has brought together more than 30 African heads of state, global investors, financial institutions and development partners to discuss issues ranging from climate financing and energy transition to digital transformation and industrial growth.

Nigeria’s President Bola Tinubu participated in the gathering, which observers described as a major diplomatic and economic engagement aimed at deepening Africa-France cooperation.

U.N. Secretary-General Antonio Guterres noted that African countries face borrowing costs that are twice as high on average as advanced industrialized economies.”That is not a market verdict on Africa. It is a verdict ⁠on the injustices of the system,” he told the summit.

Decrying what they say are biases against them that overstate the continent’s risk, African governments have called for changes to the methodologies used by credit ratings agencies.

Major agencies including S&P Global Ratings, Moody’s and Fitch reject ⁠accusations of regional bias, saying their ratings are based on globally applied, publicly disclosed criteria.

• Aliko Dangote in a conversation with IFC MD/CEO, Maktar Diop

Dangote Rice Limited had signed a Memorandum of Understanding with the Niger State government for the production and supply of 1 million metric tons of paddy rice over the next 10 years.

This was disclosed in a statement by the Dangote Industries Limited’s Group Chief Branding and Communication Officer, Anthony Chiejina, stating that the company is collaborating with the Niger State government on several economic initiatives to boost food sufficiency in Nigeria.

The statement quoted the Regional Director and Senior Adviser to the President and Chief Executive of the Dangote Group, Fatima Wali-Abdurrahman, as saying that construction of the company’s rice mill in Niger State was progressing.

“Construction of the 32 metric tonnes per hour Dangote Rice Mill, being developed on a 30-hectare site in Wushishi, is progressing steadily and is on track for completion.

This landmark project represents a significant step forward in bolstering the food security initiatives of the state,” she said.

Wali-Abdurrahman emphasised that upon its delivery, the mill is expected to enhance local rice production, create employment opportunities, and contribute to the agricultural development of Nigeria.

Earlier, Africa’s billionaire industrialist, Aliko Dangote, the President of Dangote Group, told Makar Diop IFC MD/CEO, that to create more jobs and prosperity is to do agriculture. With agriculture, we’ll get to maybe 200,000 jobs. And that’s what will really give me self-satisfaction.