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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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COP31: What Nigeria, other African countries will push for at UN climate summit

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As world leaders prepare to convene in Antalya, Türkiye, for the 31st session of the Conference of the Parties (COP31) to the United Nations Framework Convention on Climate Change (UNFCCC), the African Group of Negotiators (AGN) says it will push for increased climate finance, including an ambitious replenishment of the Green Climate Fund (GCF), among other priorities.

The group said securing adequate and predictable climate finance, particularly grant-based and concessional funding, would be central to Africa’s negotiating priorities at the conference.

This was disclosed by the AGN Chair, Nana Antwi-Boasiako, on the sidelines of the pre-COP31 meetings on Friday.

The AGN is a coalition of climate change negotiators representing all 54 African countries at the UNFCCC and other international environmental negotiations. Nigeria is a member of the group and will negotiate under its umbrella at COP31.

Nigeria’s delegation and technical support is expected to be led by the Nigeria Council on Climate Change Director General, Omotenioye Majekodunmi.

In a speech recorded and published on the AGN’s social media platforms ahead of the formal commencement of COP31, scheduled to hold from 9 to 20 November, Mr Antwi-Boasiako said African countries would seek stronger financial commitments to support the implementation of their climate targets and adaptation plans.

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According to him, the continent has made considerable progress in establishing the structures needed to implement the Paris Agreement, but inadequate financing remains a major obstacle.

He cited progress in developing Nationally Determined Contributions (NDCs), carbon market mechanisms under Article 6 of the Paris Agreement, National Adaptation Plans and the Enhanced Transparency Framework.

However, he said many developing countries were struggling to implement their climate commitments because of financial constraints.

“All these issues are structures that are going to support implementation. The key question now is: Where is the money? Where is the financial ambition to help us implement those commitments that we are making as developing countries?” the AGN chair said.

He noted that the group had submitted proposals for agenda items on tripling adaptation finance and replenishing the Green Climate Fund, describing both as critical to advancing climate action across African countries.

He explained that the proposed agenda item on adaptation finance was intended to provide an opportunity to clarify and establish operational arrangements for implementing the decision reached at COP30 in Belém, Brazil, to triple adaptation finance.

The group also wants COP31 to support an ambitious replenishment of the Green Climate Fund next year, describing the facility as particularly important for financing climate action in African countries.

COP31: From consensus to action

COP31 is expected to focus on translating climate commitments into concrete action, with an emphasis on implementation.

The summit will operate under an unusual shared leadership arrangement, with Türkiye hosting the conference while Australia leads the negotiations. Its overarching slogan, “Where Dialogue Becomes Global Action”, reflects the ambition to move beyond climate pledges towards practical implementation.

Beyond the proposed agenda items, the African negotiating bloc is seeking to defend the existing financial obligations of developed countries under the Paris Agreement.

Mr Antwi-Boasiako said Africa was not opposed to expanding the contributor base for climate finance but insisted that such an arrangement must not be used to weaken the obligations of developed countries.

Citing Article 9 of the Paris Agreement, he explained that Article 9.1 establishes the obligation of developed-country parties to provide financial resources to support developing countries, while Article 9.2 provides for contributions from other countries that are in a position to do so.

He argued that developed countries must demonstrate leadership by fulfilling their existing commitments before seeking additional contributions from other countries.

“You cannot abandon your obligations and use something that is not an obligation to replace your obligation,” he said.

The AGN chair disclosed that two policies had recently been adopted at a Green Climate Fund Board meeting ahead of the fund’s next replenishment. One concerns grant-based contributions, while the other addresses the expansion of the contributor base.

The group hopes the replenishment process will demonstrate leadership from developed countries before other countries are encouraged to contribute.

He also identified disagreements between developed and developing countries over climate finance as a major political divide in the negotiations.

While developing countries are demanding credible, predictable and scaled-up grant-based financing, developed countries have cited geopolitical tensions and domestic economic difficulties as constraints on their ability to increase financial contributions.

Mr Antwi-Boasiako, however, questioned the justification for these funding constraints, arguing that developed countries had demonstrated their ability to mobilise substantial resources when other priorities, including energy security, were at stake.

Africa seeks equitable energy transition

The African Group is also seeking progress on the Just Transition Mechanism, insisting that its implementation must reflect the continent’s development realities.

Mr Antwi-Boasiako said the mechanism should go beyond an energy-focused approach to address workers’ welfare, natural resource management, energy poverty and the broader economic implications of the transition.

He warned against an approach that could leave African economies worse off by forcing them to abandon resources they still need for development.

“For the African continent, we think that the transition away from fossil fuels must happen in a more equitable manner. We have a continent that has other challenges. And so we cannot allow our natural resources to be stranded when we need those resources to develop,” he said.

He acknowledged that discussions on the transition away from fossil fuels were continuing but noted that there was no formal negotiated agenda item specifically addressing the issue.

Rather, the discussions were being pursued through a roadmap developed by the COP Presidency outside the formal negotiation process.

The AGN’s position, however, is that countries with higher emissions and greater levels of pollution should lead the transition before other countries follow.

Mr Antwi-Boasiako stressed that the process must be designed to prevent economic hardship in developing countries.

“It is not just energy transition, but transitioning where we are able to make sure that our economies don’t suffer within the transition,” he said.

Climate and trade, other priorities

The African negotiating bloc is also seeking discussions on climate and trade, particularly the implications of unilateral trade measures that could undermine the progress of developing countries.

Mr Antwi-Boasiako said the group was working to secure the adoption of its proposed agenda item to create room for negotiations on the relationship between climate policies and international trade.

He also expressed concern about initiatives introduced under the COP Presidency’s action agenda without adequate consultation with parties.

While the AGN does not oppose initiatives led by the presidency, he said such programmes should not be introduced into formal negotiation texts without proper consultation and party-driven processes.

The group also wants to strengthen the participation of young Africans in climate negotiations through capacity-building programmes that would prepare a new generation of negotiators.

READ ALSO: CBD COP17: Why African countries struggle to mobilise biodiversity funding – AfDB official

COP31 as foundation for COP32

The AGN described COP31 as an important opportunity to strengthen Africa’s negotiating position ahead of COP32, which will be hosted by Ethiopia next year.

Mr Antwi-Boasiako said the group had commenced pre-sessional coordination meetings in Antalya on 1 November, followed by engagements with national focal points and other African delegates.

The group is also engaging other negotiating blocs within the Group of 77 and China to secure broader support for its proposed agenda items ahead of the formal adoption of the COP31 agenda, scheduled for 9 November.

He said Africa’s negotiating strength depended not only on internal coordination but also on building consensus with other developing countries.

The AGN chair cited the continent’s contributions to the establishment of the Green Climate Fund, the Loss and Damage Fund, and the inclusion of adaptation provisions in the Paris Agreement as examples of the group’s influence in international climate negotiations.

The group also called on civil society organisations and the media to help amplify Africa’s priorities throughout the conference.

Mr Antwi-Boasiako said the outcome of COP31 should provide a strong foundation for the continent as it prepares to host the next climate conference.


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NCC Reveals 7,000 Network Interventions as Compensation Reaches 75m Subscribers

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The Nigerian Communications Commission (NCC) says it has carried out about 7,000 targeted interventions across the country to fix service disruptions and strengthen telecom infrastructure, while over 75 million subscribers have received airtime and service compensation in 2026 for poor network quality.

NCC’s Executive Vice Chairman and CEO, Dr Aminu Maida, made the disclosure at the 95th Telecom Consumers’ Parliament in Lagos. He acknowledged that compensation offers only partial relief and cannot make up for the inconvenience and financial losses subscribers suffer when services fail.

Maida said the commission’s real aim is to end recurring infrastructure faults so that Nigerians enjoy dependable connectivity. He noted that compensation cannot bring back business opportunities lost to outages, or the important calls and communications that never went through.

He also announced that public coverage maps, built from crowdsourced performance data, are now live on the NCC portal. The maps are meant to help consumers compare the reliability of operators in their own locations.

Civil society groups at the forum, however, urged more openness in how performance statistics are reported. They warned that official coverage figures may not reflect the real experiences of subscribers, especially those in rural areas and on older network technologies.

In her keynote on consumer rights, Professor Chiso Ndukwu-Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF), cautioned against reading coverage numbers in isolation. She pointed out that many subscriptions still run on 2G and that several rural communities remain in network blackspots.

She also raised concern that some consumers are shut out of app-based complaint channels, and called for better complaint management and accountability. In her view, consumer trust should be treated as a core part of infrastructure development.

MTN Nigeria, for its part, reaffirmed its commitment to investing in network improvements and addressed complaints about fast data depletion. Winifred Umerah, the company’s General Manager of Customer Strategy Management and Insights, explained that apps can keep consuming data in the background, unlike traditional voice and SMS services.

She said MTN has introduced real-time monitoring tools that show subscribers which apps use the most data and let them compare app usage records with network data logs. Operators can now also run deeper technical checks to establish whether a problem lies with a customer’s device or the network.

The discussions underscored the need for closer collaboration among regulators, operators and consumer groups. With millions compensated and thousands of interventions completed, the NCC says it wants to shift focus to lasting improvements that cut disruptions, build consumer confidence and raise the overall quality of telecom services in Nigeria.

The post NCC Reveals 7,000 Network Interventions as Compensation Reaches 75m Subscribers appeared first on Business Today NG.

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