The African Export-Import Bank (Afreximbank) has committed $2 billion to support Nigeria’s cotton and garment industry and revealed that it has invested between $15 billion and $20 billion in the country’s economy over the past five years, strengthening efforts to drive industrialisation and economic diversification.
The announcement was made on Tuesday during a meeting between President Bola Ahmed Tinubu and a delegation from Afreximbank led by its President and Chairman, George Elombi, at the State House, Abuja.
During the meeting, President Tinubu called on the continental lender to intensify efforts in mobilising Africa’s financial, human, and natural resources to accelerate industrialisation, value addition, and job creation across the continent. He emphasised the need for practical actions to drive industrial growth and improve living standards, rather than just discussions on development.
“The conscience and the future of Africa depend on what you and your team can do and will do for Africa as a whole, and the time has come for us to start doing things together as Africans.
“We have what it takes to build this continent. Do we continue to exploit and export raw materials without value addition? That answer is no.
“We have solid mineral deposits such as lithium and others that can be used, and you, as the financial partner, should be able to come with investment guarantees for the production and value addition in batteries and other manufacturing ecosystems,” President Tinubu said.
He noted that his administration’s economic reforms—including the removal of fuel subsidy and the unification of multiple foreign exchange rates—were necessary to curb corruption and ensure Nigeria’s economic survival. Tinubu highlighted that structured financing and reliable infrastructure remain critical to unlocking Africa’s industrial potential.
He also urged Afreximbank to deepen collaboration with the Bank of Agriculture by increasing investments in cocoa, palm kernel, palm oil, and other agricultural value chains capable of boosting exports, creating jobs, and delivering long-term economic benefits.
On agriculture and livestock development, the President explained that the establishment of the Federal Ministry of Livestock Development was designed to transform the longstanding farmer-herder conflict into economic opportunities.
“I created the Livestock Ministry to create economic opportunities for Africans. The cotton, ginnery, and garment industries are job creators. If we partner well and incorporate these ideas, and do less talking and really put our heads into developmental programmes, we can turn it around,” he said.
Earlier, the Minister of State for Industry, Senator John Owan Enoh, described the administration’s Eight-Point Renewed Hope Agenda as a roadmap for economic transformation, stating that ongoing reforms are repositioning Nigeria for sustainable growth, industrial expansion, and shared prosperity.
He added that investments in solid minerals, oil and gas, manufacturing, agriculture, the digital economy, and value-added exports are laying the foundation for a more resilient economy, less dependent on crude oil revenues.
Afreximbank President, Dr. George Elombi, thanked President Tinubu for his support and briefed him on the bank’s investments in Nigeria. Elombi said Afreximbank’s activities span trade, agricultural processing, healthcare, and value chains, with investments between $15 billion and $20 billion in Nigeria over the last five years.
He disclosed that the bank has earmarked $2 billion to support the country’s cotton and garment industry—a move expected to strengthen local manufacturing, promote value addition, and create jobs.
Elombi also highlighted Afreximbank’s investments in the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway project, and noted efforts to reverse medical tourism through the African Medical Centre of Excellence in Abuja, which he invited the President to visit.
