President Bola Ahmed Tinubu has called for urgent reforms to the global financial and trade system, warning that current international economic structures continue to slow down Africa’s industrial growth and long-term development.
Tinubu made the remarks while speaking at the Africa Forward Summit held at the Kenyatta International Convention Centre in Nairobi, Kenya.
The summit, hosted by French President Emmanuel Macron and Kenyan President William Ruto, brought together leaders, diplomats, and business executives from more than 30 countries, including United Nations Secretary-General António Guterres.
Addressing participants at the summit, Tinubu said Africa must move beyond exporting raw materials and begin building stronger industrial economies capable of competing globally.
According to him, the existing global financial system continues to make access to affordable capital difficult for African countries while deepening inequality in international trade.
The Nigerian leader recalled his earlier remarks at the United Nations General Assembly, where he warned that global institutions risk becoming irrelevant if meaningful reforms are not introduced.
He pointed out that despite decades of political independence, Africa still contributes less than two per cent to global manufacturing value, describing the situation as evidence that the current system is failing the continent.
Tinubu also defended the economic reforms introduced by his administration, including the removal of fuel subsidy, exchange rate unification, and banking sector recapitalisation.
He said the policies were necessary decisions aimed at stabilising Nigeria’s economy, restoring investor confidence, and improving macroeconomic performance.
No comments:
Post a Comment