President Bola Tinubu has said that Nigeria will spend about US$11.6 billion on debt servicing in 2026. According to a statement by presidential spokesperson, Bayo Onanuga, Tinubu made the remarks on Tuesday while leading Nigeria’s government, diplomatic, and business delegation to the Africa Forward Summit at the Kenyatta Convention Centre in Nairobi.
According to him, the debt to be repaid in the year is nearly half of the projected revenue. “ 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.
It is a dollar that did not train a young Nigerian engineer or provide affordable power for our factories. Our industrial base is being starved of the blood it needs — long-term, affordable finance — while creditors and rating agencies treat African sovereigns as permanent high-risk borrowers, regardless of our fiscal performance.
“ So, I ask this gathering: 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? How can we build cross-border industrial value chains under the African Continental Free Trade Area when our infrastructure projects face a financing gap deepened by the very institutions meant to bridge it?
The answer is plain: we cannot. The international financial architecture, as currently constituted, is an instrument of industrial disarmament for Africa. “ Nigeria is not asking for charity. We are demanding a financial system that intentionally enables Africa to industrialise — to process its own minerals, refine its own crude oil, manufacture its own pharmaceuticals, and compete fairly in global markets.
We will continue to borrow responsibly, but we insist that our creditworthiness be measured by our economic fundamentals and our industrial potential, not by outdated stereotypes,” he noted. He called for deeper economic integration across Africa, stressing the need for policies that prioritise the continent’s industrial growth and prosperity.
Tinubu highlighted Nigeria’s blue economy potential as a key driver of Africa’s development, noting that it had long been underutilised due to insecurity and uncertainty. “ Today, I make an explicit commitment: Nigeria will intensify regional coordination by offering our Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for willing Gulf of Guinea states.
Interoperable systems, harmonised laws, and seamless joint enforcement must become the daily reality, not an aspiration on paper. “ Let no one misunderstand: maritime sovereignty does not repel investment — it attracts it. Secure sea lanes, predictable regulation, and functional courts are the preconditions that unlock private capital.
Governance has de-risked Nigeria’s maritime proposition. We now invite partners to build on these gains as we advance climate-aligned port modernisation and the digital transformation of our maritime sector. “ As we endorse the Nairobi Declaration, Nigeria affirms that maritime sovereignty and ocean governance are the non-negotiable foundations of Africa’s Blue Economy transformation.
We will continue to earn that sovereignty — through institutions, through assets, through law, and through iron-clad regional solidarity that turns our waters from a theatre of risk into a story of shared resilience. “ The oceans have no duplicate as a common heritage of mankind.