Tinubu Calls for Global Financial Reform to Boost Africa’s Growth at Kenya Summit

President Bola Ahmed Tinubu on Tuesday led Nigeria’s delegation to the Africa Forward Summit held at the Kenyatta International Convention Centre in Nairobi, Kenya, where he called for reforms in the global financial system to support Africa’s economic growth and industrialisation.

The Africa/France summit, jointly hosted by French President Emmanuel Macron and Kenyan President William Ruto, attracted leaders and senior officials from more than 30 African countries.
Opening remarks were delivered by President Ruto, President Macron, United Nations Secretary-General Antonio Guterres, and Chairman of the African Union Commission, Mahamoud Ali Youssouf.
During the summit, President Tinubu held bilateral talks with Madagascar’s President Michael Randrianirina. He also met with Confederation of African Football President, Dr Patrice Motsepe, during which Nigeria reaffirmed its readiness to host the 2026 CAF Awards.
At the gathering, France advocated a restructuring of political and economic relations with Africa based on fairness and equality, while African leaders stressed the need for easier access to credit for infrastructure and industrial investments.
President Tinubu highlighted the importance of Nigeria’s blue economy to Africa’s development, noting that insecurity and uncertainty had previously limited investments in the maritime sector.
He announced that Nigeria would strengthen regional maritime cooperation by making the Deep Blue Project’s maritime intelligence infrastructure available as a shared platform for willing Gulf of Guinea countries.
According to the President, secure sea routes, effective regulation, and strong institutions are essential for attracting investment and accelerating growth in the maritime industry.
Tinubu stated that Nigeria remains committed to climate-friendly port development, digital transformation of the maritime sector, and stronger regional partnerships aimed at turning African waters into zones of shared prosperity and resilience.
Speaking on reforms in the international financial system, the President said Africa’s industrial progress continues to be hindered by limited access to affordable financing and unfair global financial structures.
He noted that Africa still contributes less than two percent of global manufacturing value despite decades of independence, adding that many African nations remain exporters of raw materials while importing finished products at high costs.
Tinubu said Nigeria had implemented difficult but necessary reforms, including fuel subsidy removal, exchange rate unification, banking recapitalisation, and exiting the Financial Action Task Force grey list.
According to him, these reforms have improved investor confidence, strengthened foreign reserves, and helped lower Nigeria’s debt-to-GDP ratio, projected at 32.3 percent in 2026.
However, the President expressed concern that Nigeria would spend about 11.6 billion dollars on debt servicing in 2026, describing the situation as a major setback to industrial growth and infrastructure development.
He argued that high borrowing costs and unfair risk assessments continue to weaken African economies and prevent manufacturers from competing globally.
Tinubu maintained that Nigeria was not seeking charity but demanding a fair international financial system that would enable African countries to industrialise, process their natural resources locally, and compete effectively in world markets.
On migration, the President called for stronger international cooperation to tackle the root causes of irregular migration through investments in infrastructure, climate adaptation, agriculture, energy access, and job creation.
He said Nigeria had integrated migration management into its economic reform agenda through investments in enterprise, agriculture, and infrastructure development.
Tinubu also urged development partners to dedicate part of Official Development Assistance to programmes capable of reducing poverty and unemployment, which often fuel migration.
Addressing peace and security issues, the President called for stronger African collaboration in building a more effective global migration governance system.
He expressed support for the African Union Migration Policy Framework and the Khartoum Process, while stressing the need for better coordination between regional initiatives and global institutions.
President Tinubu was accompanied by several ministers and senior government officials, including 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 Dr Jumoke Oduwole.
Prominent Nigerian business leaders who attended the summit included Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu, and Aigboje Aig-Imoukhuede.
The ministers also participated in meetings and panel sessions focused on entrepreneurship, digital innovation, industrialisation, trade, healthcare, agro-processing, climate change, and Africa’s demographic opportunities.
The statement was signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on May 12, 2026.