African leaders used the second day of a summit with French President Emmanuel Macron yesterday to push for easier access to credit that could help fund major investments and boost economic growth. President Bola Tinubu of Nigeria and President William Ruto of Kenya met in Nairobi as part of the Africa Forward Summit, which also featured Nigeria's Minister of Marine and Blue Economy, Adegboyega Oyetola, who promoted the country's maritime investment campaign.
Credit Reforms and Risk Architecture
A years-long campaign by African governments for reforms to reduce their borrowing costs got a boost on Monday when Macron said he supported creating a first-loss guarantee mechanism to de-risk investments on the continent. He pledged to lobby for the idea at the G7 summit next month. African governments argue they suffer from an unduly high perception of risk among lenders, which can make credit prohibitively expensive. “The issue is not liquidity; it is risk architecture,” Ruto said in remarks to the summit.
G7 Summit and International Support
At Macron's invitation, Ruto will attend the G7 summit in Evian-les-Bains, France, and hopes to build momentum this week for proposals he can take there. More than 30 African leaders, as well as heads of multilateral financial institutions and business executives from across Africa and France, are attending the Nairobi summit, the first France has held in an English-speaking country.
France's Strategic Partnership
France aims to use the event, which Macron said had mobilised €23 billion ($27.01 billion) of investments in Africa, to develop new partnerships in Africa after seeing its influence fade in former colonies in West Africa. President Tinubu met with Ruto in Nairobi as African leaders intensify discussions on economic reforms, investment, and new partnerships with Europe. Images shared by presidential spokesman Bayo Onanuga showed Tinubu and Ruto exchanging greetings when the Nigerian leader arrived at the summit venue.
Summit Agenda and Participation
The summit, co-hosted by France and Kenya, has brought together more than 30 African heads of state, global investors, financial institutions, and development partners to discuss issues ranging from climate financing and energy transition to digital transformation and industrial growth. Oyetola spoke during a high-level panel session titled “Blue Economy, Maritime Sovereignty and Sustainable Valorisation,” alongside France’s Minister of the Sea and Fisheries, Catherine Chabaud, and other leading maritime stakeholders across Africa.
Nigeria's Blue Economy Push
At the summit, Oyetola showcased ongoing reforms and investments by the Federal Government targeted at unlocking the enormous potential of Nigeria’s marine and blue economy sector. A statement signed by Special Adviser to the Minister of Marine and Blue Economy, Dr. Bolaji Akinola, noted that central to the reform efforts was the creation of the Federal Ministry of Marine and Blue Economy in August 2023, a move the government said has accelerated policy direction and institutional coordination in the sector.
National Policy and Revenue Milestones
According to the ministry, one of the major milestones recorded since its establishment is the development of Nigeria’s first National Policy on Marine and Blue Economy, expected to provide a strategic framework for sustainable growth and investment expansion. The ministry also disclosed that agencies under its supervision generated a record N1.83 trillion revenue in the 2025 fiscal year, reflecting growing economic activity within the maritime sector. It further noted that the Federal Government approved a comprehensive port modernisation and upgrade programme aimed at attracting larger vessels, creating jobs, and strengthening Nigeria’s position as the leading maritime hub in West and Central Africa.
