President Bola Ahmed Tinubu has been a vocal advocate for fundamental changes to the global financial architecture, asserting that the existing system significantly impedes Africa’s industrialization and overall economic development. During his participation in the Africa Forward Summit in Nairobi, Kenya, co-hosted by Emmanuel Macron and William Ruto, and attended by leaders from over 30 countries, Tinubu highlighted critical issues such as illicit financial flows, restrictive global financial policies, and high borrowing costs as primary hindrances to Africa's manufacturing sector.

Tinubu sternly warned that Africa's contribution to global manufacturing remains below two per cent, primarily because the continent continues to export raw materials while importing finished products. He questioned the ability of African manufacturers to compete globally when borrowing costs in Africa are five to ten times higher than those faced by competitors in Europe, Asia, or North America. The Nigerian leader also cautioned that the global financial architecture risks losing its relevance if it fails to address the structural disadvantages confronting developing economies, describing the current system as an “instrument of industrial disarmament for Africa.”

Nigeria, under Tinubu’s leadership, has embarked on significant economic reforms aimed at restoring investor confidence and stabilizing the economy. These reforms include the removal of fuel subsidies, exchange rate unification, and a banking recapitalization program valued at over $3.4 billion, with external reserves estimated at $45.5 billion. Additionally, Nigeria has successfully exited the Financial Action Task Force (FATF) grey list. Despite these sovereign decisions, Tinubu noted that rising debt servicing obligations continue to constrain investments in industrialization and infrastructure. For instance, Nigeria is projected to spend approximately $11.6 billion on debt servicing in 2026, significantly limiting fiscal space for critical sectors.

The President emphasized the urgent need for Africa to transition beyond exporting raw materials, advocating for the local processing of minerals, domestic refining of crude oil, and in-country manufacturing of products such as pharmaceuticals. This shift, he argued, is essential for achieving sustainable economic growth and industrial transformation. He reiterated that illicit financial flows, estimated at $40 billion to $90 billion annually from Africa, further weaken the continent's industrial competitiveness, reflecting a colonial-era economic structure that deepens inequality.

Beyond industrialization, Tinubu also promoted Nigeria’s blue economy strategy as a catalyst for regional integration and economic expansion across Africa’s maritime corridor. He called for interoperable systems, harmonized laws, and seamless joint enforcement to unlock private sector investments. Nigeria pledged to make its Deep Blue Project maritime intelligence infrastructure available as a regional data hub for countries within the Gulf of Guinea and committed to pursuing climate-aligned port modernization and digital transformation within its maritime sector. He urged African nations to move “from sea blindness to ocean sovereignty” through stronger maritime cooperation and improved security coordination.

Addressing migration, President Tinubu stressed that African governments and international development partners must focus on tackling the underlying economic conditions that drive irregular migration. He asserted that