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🇳🇬 Nigeria /Economy & Trade

Tinubu Backs October Launch of African Credit Rating Agency

From ThisDay · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • President Bola Tinubu backed the African Union’s plan to launch the African Credit Rating Agency on October 7, 2026.
  • Tinubu said Africa needs assessments that reflect its economic fundamentals and reforms rather than preferential treatment.
  • He said the agency must establish credibility with global investors through independent and rigorous ratings.

President Bola Tinubu has endorsed the October 7, 2026 launch of the African Credit Rating Agency, presenting it as a step toward building financial institutions that can assess African economies and risks on their own terms.

Tinubu responded to the African Union’s announcement in a message posted Thursday on his verified X account. He recalled that he had argued for an African credit rating agency in the Financial Times in February and repeated the call at the Africa CEO Forum in Kigali, Rwanda, in May.

AfCRA is another step towards that goal.

· Bola TinubuTinubu described the agency as part of efforts to build African financial institutions capable of assessing the continent’s economies and risks.

The Nigerian president said Africa needs institutions that understand the continent’s economies and can account for their fundamentals and ongoing reforms. He stressed that African countries are not seeking preferential treatment from established credit rating institutions, but assessments that accurately reflect economic realities.

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.

· Bola TinubuHe said African countries want credit assessments that reflect their economic conditions and reforms rather than preferential treatment.

“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,” Tinubu said.

He also said the new agency would need to win the confidence of global capital through independent and rigorous work. “AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” he said. Tinubu added that he looked forward to the agency’s official launch.

AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work.

· Bola TinubuTinubu said the agency’s credibility will depend on the independence and quality of its assessments.
About this summary

Originally published by ThisDay in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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