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Tinubu speaks on Africa’s new credit rating agency

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President Bola Tinubu has welcomed the planned launch of the African Credit Rating Agency (AfCRA), saying Africa needs financial institutions that better understand the continent’s economies and risks.

The African Union has announced that the agency will officially launch on 7 October in Port Louis, Mauritius.

President Tinubu said the development was another step towards building African financial institutions capable of providing more accurate assessments of the continent’s economies.

The president disclosed this in a post on his official X account on Thursday, recalling that he had advocated for an African credit rating agency in a February 2026 Financial Times article.

He said he also raised the issue at the Africa CEO Forum in Kigali, Rwanda, in May, where he called for Africa to develop financial institutions that understand its economic realities.

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“Africa is not asking for favourable ratings. We are asking for fair ratings, grounded in our fundamentals and in the reforms our economies are actually carrying out,” he said.

Why the agency matters

Credit ratings influence how investors assess the risk of lending to countries and companies. They can also affect borrowing costs and the amount of capital available to governments and businesses.

African governments have repeatedly raised concerns about what they describe as an “Africa premium”, under which African countries may face higher borrowing costs because of how investors perceive the continent’s risks.

The three major global rating agencies, including Fitch, Moody’s and S&P Global Ratings, currently play a major role in assessing African sovereign and corporate borrowers.

President Tinubu, in an article published by Financial Times, argued that African economies were paying too much to borrow because international assessments did not always adequately capture their economic realities.

He cited a 2023 United Nations Development Programme estimate that shortcomings in credit ratings cost African countries about $75 billion annually through higher interest payments and foregone lending.

He also argued that commodity-dependent African economies could be particularly exposed to downgrades during global market downturns, even when their reserves, fiscal positions, and debt profiles remained manageable.

The proposed agency is therefore expected to provide an Africa-focused alternative by taking greater account of local economic conditions and reforms.

The African Union has said that AfCRA will operate alongside existing global rating agencies rather than replace them.

Tinubu seeks investor confidence

In his statement Thursday, the president said the establishment of an African rating agency should not be interpreted as a demand for preferential treatment.

READ ALOS: US court case on Tinubu’s past forfeiture is civil, not criminal matter – Presidency

Rather, he said, the agency must provide assessments based on economic fundamentals and the reforms being implemented by African countries.

He pointed to Nigeria’s experience, arguing that improvements in economic data, fiscal transparency and reforms had contributed to recent upgrades by international rating agencies.

However, he acknowledged that the credibility of AfCRA would ultimately depend on the quality and independence of its assessments.

“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” he noted.

The launch is scheduled for 7 October in Mauritius, with President Tinubu saying he looks forward to the development.


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NPA to fix rail, logistics gaps at inland dry ports

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The Nigerian Ports Authority (NPA) has moved to address rail connectivity and logistics challenges affecting inland dry ports as part of efforts to integrate the facilities into the nation’s port system and improve cargo movement across the country.

The move followed a meeting between the NPA management, led by its Managing Director, Abubakar Dantsoho, and the Executive Director of Dala Inland Dry Port, Ahmad Rabiu, alongside representatives of Funtua Inland Dry Port, at the authority’s corporate headquarters in Marina, Lagos.

The engagement came after the Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the transfer of operational oversight of inland dry ports to the NPA.

The discussions focused on strengthening institutional collaboration, addressing infrastructure constraints and improving operational efficiency across Nigeria’s maritime logistics chain.

Speaking during the meeting, Mr Dantsoho stressed the need to upgrade inland dry port infrastructure and technical capacity to complement ongoing modernisation efforts at the nation’s seaports.

He said the facilities must be equipped to handle increasing cargo volumes and support the broader transformation of Nigeria’s maritime sector.

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“For our Inland Dry Ports to function at the same velocity as the ongoing modernisation across our seaports, we must proactively upgrade dry port infrastructure and technical capacity,” Mr Dantsoho said.

He explained that the integration of digital platforms, including the Port Community System (PCS) and the National Single Window, into seaport operations must be matched by corresponding improvements at inland dry ports.

“As we integrate digital systems such as the Port Community System (PCS) and the National Single Window in our seaports, the dry ports must deploy modern equipment and advanced technical capabilities to handle larger cargo volumes and bigger vessels coming to our coast,” he added.

Increased private-sector investment

The NPA managing director also called for increased private-sector investment in inland dry port infrastructure, noting that stronger investment would be critical to improving cargo handling capacity and operational efficiency.

He cited APM Terminals’ establishment of an Export Processing Terminal in Northern Nigeria as an example of private-sector participation in the development of inland logistics infrastructure.

ALSO READ: INVESTIGATION: Ganduje embroiled in multi-billion naira Kano dry port ownership scandal

Mr Dantsoho assured stakeholders that efforts to optimise the inland port system were underway and confirmed plans to visit the Dala and Funtua facilities to assess their operational conditions and infrastructure requirements.

Operational oversight

Speaking on behalf of the delegation, Hassan Bello welcomed the transfer of operational oversight to the NPA, expressing appreciation for what he described as a seamless transition.

Mr Bello referenced the gazetted Port Act, which recognises inland dry ports as official ports of origin and destination, while drawing attention to challenges confronting the facilities, particularly inadequate rail connectivity and broader logistics constraints.

Rail access is a critical component of inland dry port operations, as efficient connections to the national rail network can facilitate cargo movement between seaports and inland destinations, potentially reducing pressure on road transport and lowering logistics costs.

The meeting also established a framework for further technical consultations, infrastructure integration and physical planning to identify the requirements for improving operations at the facilities.

The discussions highlighted the need for detailed technical assessments, stakeholder coordination and physical inspections to establish infrastructure priorities and guide subsequent project development.

The planned visits to Dala and Funtua inland dry ports are expected to provide NPA with a clearer understanding of the facilities’ operational challenges and the interventions required to strengthen their roles in cargo distribution, trade facilitation and wider maritime logistics network.


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Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council

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BY NKECHI NAECHE-ESEZOBOR—The Managing Director/Chief Executive Officer of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, has  been appointed and inaugurated as a member of the Governing Council of Coal City University, Enugu, extending her leadership engagement into the higher education sector.

The Governing council, chaired by retired Lieutenant General Azubuike Ihejirika, former Chief of Army Staff, brings together professionals from diverse backgrounds to provide strategic direction and governance oversight for the institution.

Dr. Nwakuche’s appointment represents an opportunity to bring her enviable wealth is experience in Nigeria’s insurance industry to a higher education institution focused on academic development, institutional growth and the preparation of graduates for professional and entrepreneurial opportunities.

As MD/CEO of Veritas Kapital Assurance Plc, Dr. Nwakuche leads a Nigerian non-life insurance company in an industry where strategic decision-making, risk management, accountability and stakeholder engagement are essential to organisational performance.

Her participation in the university’s Governing Council extends this professional experience into a different institutional setting.

The Governing Council plays an important role in guiding the university’s strategic priorities, strengthening governance and supporting its long-term sustainability.

The participation of experienced professionals from the private sector can also foster cross-sector perspectives on institutional management, human capital development and organisational effectiveness.

Dr. Nwakuche’s appointment highlights the value of professional engagement beyond traditional industry boundaries and the role experienced leaders can play in supporting institutions across different sectors.

Veritas Kapital Assurance Plc congratulates Dr. Nwakuche on her inauguration and wishes her a successful and impactful tenure on the Governing Council of Coal City University.

The post Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council appeared first on Business Today NG.

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