President Bola Ahmed Tinubu has blamed the underdevelopment of Africa’s manufacturing sector on high borrowing costs, limited access to long-term finance, and structural disadvantages facing African economies.

Speaking at the Africa Forward Summit in Nairobi, Kenya, President Tinubu said punitive interest rates and debt-servicing obligations continue to divert resources away from industrial growth, infrastructure, and skills development across the continent.

According to the President, funds that should have been invested in sectors such as steel production, textile manufacturing, agro-processing, and digital industries are instead being used to service debts.

Tinubu noted that the current global financial system unfairly treats African countries as high-risk borrowers, making it difficult for governments and businesses to access affordable financing needed for industrialisation.

He stressed that Africa contributes less than two per cent of global manufacturing output despite its vast human and natural resources, calling for reforms that would support local production, value addition, and economic integration across the continent.

The Nigerian leader also reaffirmed his administration’s commitment to economic reforms aimed at stabilising the economy, boosting investor confidence, and creating an enabling environment for industrial growth.

President Tinubu maintained that Africa is not asking for charity but a fair financial system that would allow the continent to industrialise, refine its resources locally, manufacture goods competitively, and participate meaningfully in global trade.