President Bola Tinubu has called for urgent reforms in the global financial architecture, asserting that the current system undermines Africa’s industrialisation efforts and economic development. Speaking at the Africa Forward Forum in Nairobi, Kenya, on Tuesday, the President warned that unfair borrowing conditions, high debt service burdens, and structures that favour raw material exports over value addition continue to hinder the continent’s progress. He emphasised that Africa demands a fair financial system capable of enabling industrial growth rather than seeking charity.

Tinubu highlighted Nigeria’s bold domestic reforms, including the removal of fuel subsidies, exchange rate unification, banking sector recapitalisation exceeding three point four billion dollars, and successful exit from the Financial Action Task Force grey list. These measures, he noted, have strengthened external reserves to forty five point five billion dollars and lowered the projected debt to GDP ratio to thirty two point three percent in 2026.

Despite these achievements, he lamented that Nigeria would still allocate about eleven point six billion dollars to debt servicing in 2026, nearly half of projected revenue, funds that could otherwise support critical sectors such as steel, textiles, agro processing, and digital industries. The President also addressed maritime security and the blue economy, pledging stronger regional cooperation in the Gulf of Guinea.

He announced that Nigeria would make the maritime intelligence infrastructure from its Deep Blue Project available as a shared data platform for willing countries in the region. According to him, secure sea lanes and effective maritime governance are essential to attract private investment and unlock the vast potential of Africa’s ocean economy.

Tinubu stressed that maritime sovereignty attracts rather than repels investment, positioning it as a foundation for sustainable growth in ports, coastal tourism, aquaculture, and marine biotechnology