Togo strengthens ties with Afreximbank for industrial growth

The President of the Council, Faure Gnassingbé, welcomed Dr. George Elombi, Chairman of the Afreximbank Board, in Lomé on Monday. The meeting centered on deepening the partnership between Togo and the panafrican financial institution while exploring investment opportunities in key sectors poised for growth.

Building industrial partnerships for economic transformation

The discussions highlighted strategies to accelerate the industrial processing of local resources, with a strong focus on phosphate mining, energy production for industrial zones, and the enhancement of African raw materials’ value. These sectors are critical to Togo’s economic diversification and long-term development goals.

« We discussed avenues to create wealth through the processing of Togolese raw materials, » Dr. George Elombi stated. « Phosphate extraction, industrial energy supply, and the transformation of African commodities were among the key topics addressed. »

Financing and technical support for industrial projects

Afreximbank’s commitment to supporting Togo was reaffirmed during the talks. The institution pledged to mobilize both financial resources and technical partners to back the country’s industrial development initiatives, aligning with broader efforts to drive sustainable growth across Africa.

The visit by Dr. George Elombi coincides with the third edition of the Biashara Afrika business forum, co-organized by the Togolese government and the African Continental Free Trade Area (AfCFTA). This event underscores Togo’s growing appeal to international investors and financial partners, further solidifying its role as a hub for trade and investment in West Africa.

Togo’s vision for economic self-reliance through local processing

The meeting reflects a broader national strategy to promote the local transformation of natural resources as a catalyst for economic growth and value addition. By fostering closer ties with institutions like Afreximbank, Togo is positioning itself at the forefront of Africa’s industrialization drive, leveraging its strategic resources to fuel development.