President Bola Tinubu has revealed that Nigeria is expected to spend about $11.6 billion on debt servicing in 2026, warning that the heavy repayment burden is limiting investment in key sectors needed for industrial growth.
Speaking at the Africa Forward Summit in Nairobi, the Nigerian leader criticised the global financial system for placing African economies at a disadvantage through high borrowing costs and restrictive financial conditions. He argued that excessive debt repayments deprive countries like Nigeria of funds needed for manufacturing, energy, technology, and youth development.
Tinubu stated that African nations face borrowing rates far higher than those in Europe, Asia, and North America, making it difficult for local industries to compete globally or benefit fully from the African Continental Free Trade Area.
He stressed that Nigeria was not seeking financial aid but demanding a fairer international system that supports Africa’s industrialisation and recognises the continent’s economic potential rather than outdated risk perceptions.
The president highlighted several reforms undertaken by Nigeria, including fuel subsidy removal, exchange rate unification, banking recapitalisation, and the country’s exit from the FATF grey list. According to him, these policies have improved investor confidence, strengthened external reserves, and reduced the projected debt-to-GDP ratio to 32.3 percent by 2026.
Tinubu also called for stronger African economic integration and promoted Nigeria’s blue economy strategy, pledging to share maritime intelligence infrastructure from the Deep Blue Project with Gulf of Guinea nations to improve regional security and attract investment.
On migration, he noted that creating jobs and economic opportunities within Africa would reduce irregular migration, urging international partners to invest more in climate adaptation, energy access, digital skills, and industrial development across the continent.
The Africa Forward Summit, co-hosted by Emmanuel Macron and William Ruto, brought together leaders and officials from more than 30 countries to discuss investment, industrialisation, AI, climate change, and regional cooperation.
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