President Bola Ahmed Tinubu has disclosed that Nigeria is projected to spend about $11.6 billion on debt servicing in 2026, an amount expected to consume nearly half of the country’s anticipated revenue for the year.

Tinubu made the disclosure on Thursday while speaking at the Africa Forward Summit held at the Kenyatta International Convention Centre in Nairobi, Kenya.

According to a statement issued by presidential spokesman Bayo Onanuga, the President said Africa continues to face challenges from a global financial system that limits industrial growth and economic development across the continent.

“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, our textile mills, our agro-processing plants, or our digital industries,” Tinubu said.

The President argued that Africa’s continued dependence on exporting raw materials while importing finished products at higher costs is rooted in an international financial structure that weakens the continent’s industrialisation efforts.

He noted that despite decades of political independence, Africa still accounts for less than two per cent of global manufacturing value.

Tinubu also highlighted key economic reforms introduced by his administration, including:

·       Removal of fuel subsidies

·       Exchange rate unification

·       Banking sector recapitalisation

·       Nigeria’s removal from the Financial Action Task Force grey list

According to him, the reforms have improved investor confidence, strengthened Nigeria’s foreign reserves to about $45.5 billion, and contributed to a projected debt-to-GDP ratio of 32.3 per cent in 2026.

Despite the reforms, the President maintained that African economies continue to face severe borrowing challenges due to high interest rates.

“How can an African manufacturer compete with a competitor in Europe, Asia, or North America when the cost of borrowing in our nations is five to ten times higher?” he asked.

Tinubu stressed that Africa is not seeking charity but demanding a fairer global financial system capable of supporting industrialisation and economic competitiveness.

The summit, co-hosted by William Ruto and Emmanuel Macron, brought together leaders and senior officials from more than 30 African countries.

Other notable global figures at the event included António Guterres and Mahamoud Ali Youssouf.

Tinubu also used the platform to advocate stronger African cooperation in critical areas such as:

·       Maritime security

·       Migration management

·       Infrastructure financing

·       Climate-aligned development

·       Industrial growth across the continent.