Elombi Advocates for African Ratings Agency to Control Narrative

Dr. George Elombi, the President of the African Export-Import Bank (Afreximbank), renewed his advocacy for establishing an African-owned credit rating agency during a mid-year media roundtable in Abuja.

He stated that Africa can no longer afford to rely on foreign institutions to determine borrowing costs, which often penalize African economies due to inconsistent methodologies. Elombi pointed out that Africa already operates its own rating agencies and stressed the importance of shaping investor perceptions.

He criticized international rating agencies for routinely downgrading African banks despite their strong capital positions and sound loan portfolios. Elombi also highlighted Afreximbank's recent commitment of $2.5 billion to expand Nigeria's Dangote refinery, which he described as a strategic investment to enhance Africa's energy security.

He noted that nearly 80% of Afreximbank's assets are deployed as loans across Africa, demonstrating the bank's commitment to financing development and transforming the continent's economy.