President Bola Tinubu says Nigeria is expected to spend about $11.6 billion on debt servicing in 2026, warning that rising borrowing costs are slowing the country’s industrial growth and putting pressure on development efforts.
Speaking at the Africa Forward Summit in Nairobi, Kenya, Tinubu said nearly half of Nigeria’s projected revenue for 2026 could go into servicing debt instead of funding key sectors such as manufacturing, power, technology, and infrastructure.
According to a statement issued by presidential spokesman Bayo Onanuga, the president argued that African countries continue to face unfair treatment within the global financial system, despite implementing major economic reforms.
“Every dollar spent on punitive interest rates is money taken away from industries, jobs, and infrastructure,” Tinubu said, adding that African nations are often labelled high-risk economies regardless of their actual fiscal performance.
He insisted Nigeria was not seeking charity, but a fairer global financial structure that would allow African economies to industrialise, refine their own resources, and compete globally.
Tinubu pointed to recent reforms introduced by his administration, including the removal of fuel subsidies, exchange rate unification, banking sector recapitalisation, and Nigeria’s exit from the FATF grey list.
According to him, those measures have helped improve investor confidence, strengthen external reserves, and reduce Nigeria’s debt-to-GDP ratio, which he said is projected to fall to 32.3 percent in 2026.
The president also highlighted the country’s maritime and blue economy potential, describing it as a largely untapped sector that could drive regional growth if backed by stronger security and cooperation.
Tinubu said Nigeria would make its Deep Blue Project maritime intelligence infrastructure available to interested Gulf of Guinea countries to improve regional security coordination and protect sea trade routes.
He stressed that secure waterways and stable regulations are essential for attracting investment into Africa’s maritime sector.
On migration, Tinubu said many Africans would not risk dangerous journeys abroad if economic opportunities existed at home.
He called for more international investment in energy, agriculture, digital skills, and climate adaptation to reduce migration pressures.
The summit, jointly hosted by Emmanuel Macron and William Ruto, brought together leaders and business executives from more than 30 countries to discuss trade, industrialisation, technology, and investment across Africa.
Among those present were UN Secretary-General António Guterres, African business leaders including Aliko Dangote and Tony Elumelu, as well as several African heads of state and government officials.
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