Tinubu Pushes for Overhaul of Global Financial System at Africa Forward Summit in Kenya

President Bola Ahmed Tinubu has called for a major reform of the global financial architecture, warning that Africa’s industrial growth will remain stunted unless international lending and trade systems become fairer to developing economies.

Speaking on Tuesday at the Africa Forward Summit in Nairobi, Kenya, Tinubu said African countries continue to face punitive borrowing costs and structural disadvantages that weaken industrialisation and economic competitiveness.

The summit, co-hosted by Kenyan President William Ruto and French President Emmanuel Macron, brought together leaders, investors and policymakers from over 30 countries to discuss Africa’s economic transformation, digital innovation and sustainable development.

Also present at the summit were United Nations Secretary-General António Guterres and African Union Commission Chairman Mahamoud Ali Youssouf.

Tinubu argued that Africa’s persistent dependence on exporting raw materials while importing finished goods is tied to a global financial structure that limits access to affordable capital.

“Africa’s share of global manufacturing remains below two per cent despite decades of independence,” the Nigerian leader said.

“We export crude oil, minerals and agricultural commodities, yet import processed products at premium prices. This is not accidental but the outcome of a financial system that restricts industrial growth in African nations.”

The President said Nigeria had undertaken difficult economic reforms, including the removal of fuel subsidies, exchange rate unification and banking sector recapitalisation, to stabilise the economy and improve investor confidence.

According to him, Nigeria’s debt-to-GDP ratio is projected at 32.3 per cent in 2026, while external reserves have risen to about $45.5 billion.

Despite the reforms, Tinubu lamented that African economies still pay excessively high interest rates compared to countries in Europe, Asia and North America.

“How can African manufacturers compete globally when borrowing costs are five to ten times higher?” he asked.

“The current international financial architecture is effectively an instrument of industrial disarmament against Africa.”

Tinubu stressed that Nigeria was not seeking charity from the international community but demanding a fair system that would enable African countries to industrialise, refine their own resources and compete globally.

The President also used the summit to promote Nigeria’s blue economy strategy, describing maritime security and ocean governance as essential pillars for Africa’s economic future.

He announced that Nigeria would expand regional maritime cooperation by making the country’s Deep Blue Project maritime intelligence infrastructure available as a shared platform for willing Gulf of Guinea nations.

Tinubu said improved maritime security, predictable regulations and stronger legal systems would help attract private investment into Africa’s maritime sector.

“As we endorse the Nairobi Declaration, Nigeria affirms that maritime sovereignty and ocean governance are non-negotiable foundations for Africa’s Blue Economy transformation,” he stated.

On migration, Tinubu urged global partners to invest more in job creation, infrastructure, climate adaptation and youth development across Africa to tackle the root causes of irregular migration.

“People who have jobs, security and hope at home do not risk their lives through dangerous migration routes,” he said.

The Nigerian delegation to the summit included Minister of Foreign Affairs Bianca Odumegwu-Ojukwu, Minister of Marine and Blue Economy Adegboyega Oyetola, Minister of Communications Bosun Tijani and Minister of Industry, Trade and Investment Jumoke Oduwole, among others.

Top Nigerian business leaders at the summit included Aliko Dangote, Tony Elumelu and Abdul Samad Rabiu.

On the sidelines of the summit, Tinubu also held bilateral talks with Madagascar’s President Michael Randrianirina and met with Confederation of African Football President Patrice Motsepe, where he reaffirmed Nigeria’s readiness to host the 2026 CAF Awards.