NAIROBI, Kenya – President Bola Ahmed Tinubu has revealed that Nigeria is projected to spend approximately $11.6 billion on debt servicing in 2026, a figure he described as a significant drain on the nation’s industrial aspirations.
Okay News reports that the President made this disclosure on Tuesday while addressing global leaders at the Africa Forward Summit in Nairobi. Tinubu lamented that the cost of repayment represents nearly half of Nigeria’s projected revenue, effectively “starving” critical sectors like steel, textiles, and digital industries of the capital needed for growth.
A Call for Global Financial Reform
In a strongly worded speech, the President criticized the current international financial architecture, labeling it an “instrument of industrial disarmament” for Africa. He pointed out the disparity in borrowing costs, noting that African manufacturers face interest rates five to ten times higher than those in Europe or North America.
“Nigeria is not asking for charity,” Tinubu declared. “We are demanding a financial system that intentionally enables Africa to industrialize—to process its own minerals, refine its own crude oil, and manufacture its own pharmaceuticals.”
Despite these challenges, the President highlighted that Nigeria’s homegrown reforms—including the removal of fuel subsidies and the unification of exchange rates—have bolstered investor confidence. He projected a debt-to-GDP ratio of 32.3% and external reserves of $45.5 billion for 2026.
To drive regional growth, Tinubu committed to offering Nigeria’s Deep Blue Project maritime intelligence infrastructure as a shared data hub for Gulf of Guinea states. He emphasized that secure sea lanes and functional regulation are non-negotiable foundations for transforming Africa’s Blue Economy.
The summit, co-hosted by Presidents Emmanuel Macron and William Ruto, featured a high-powered Nigerian delegation including Aliko Dangote, Tony Elumelu, and Abdulsamad Rabiu. On the sidelines, Tinubu held talks with CAF President Patrice Motsepe and Madagascar’s President Michael Randrianirina, further solidifying Nigeria’s role as a leader in continental trade and sports diplomacy.
