Nigeria’s President Bola Tinubu called on Tuesday for more ambitious African economic integration, focused on industrialization, regional cooperation and the development of the continent’s strategic infrastructure.
Speaking at the Africa-France Summit organized in Nairobi, in the presence of French President Emmanuel Macron and Kenyan President William Ruto, the Nigerian Head of State highlighted the potential of the blue economy as a growth engine for Africa.
He estimated that maritime insecurity and regulatory uncertainties have long held back on investment in ocean-related sectors and port activities. In this context, Bola Tinubu announced that Nigeria will make available to volunteer countries in the Gulf of Guinea the maritime intelligence infrastructure of its Deep Blue project in order to strengthen regional cooperation.
The Nigerian president stressed the need to develop interoperable systems, harmonized legal frameworks and common law enforcement mechanisms to secure African shipping routes and attract more private investment.
He also indicated that Nigeria will continue to modernize its ports through the integration of climate issues and the digitization of the maritime sector.
According to Bola Tinubu, Africa must move from a « maritime blindness » to a real « oceanic sovereignty« , based on enhanced cooperation between African states for the protection of maritime spaces and strategic infrastructure.
Addressing the issue of reforming the international financial system, the Nigerian president said that the current global financial architecture penalizes African economies engaged in industrialization.
He recalled that Africa’s share of global manufacturing production remains below 2%, due in particular to dependence on commodity exports, lack of accessible industrial financing and illicit financial flows.
The Head of State stressed that Nigeria has undertaken several major economic reforms, including the removal of fuel subsidies, exchange rate unification and a bank recapitalization of more than $45.5 billion to restore investor confidence.
Despite these efforts, he regretted the high cost of debt for African economies, specifying that Nigeria is expected to devote about $11.6 billion to its debt in 2026, at the expense of investments in industrialization and productive sectors.
« How can an African manufacturer be competitive when borrowing costs are five to ten times higher than in Europe, Asia or North America? « , he asked.
Bola Tinubu said that Africa is not asking for assistance, but a more equitable financial system allowing the continent to transform its resources, refine its hydrocarbons, produce drugs locally and strengthen its competitiveness in world markets.
On migration issues, he called for more investment in infrastructure, agriculture, energy, digital skills and job-creating sectors in order to reduce the root causes of irregular migration.
The Nigerian president also advocated for more effective global governance of migration, including support for African Union (AU) initiatives and the Khartoum process.
The summit brought together leaders and senior officials from more than thirty African countries, as well as several international personalities, including the Secretary-General of the United Nations, António Guterres, and the President of the African Union Commission (CUA), Mahamoud Ali Youssouf.
source : APA news
