Nigeria Partners with Canada, UNDP to Boost Credit Rating

The Federal Government of Nigeria is partnering with Canada, the United Nations Development Programme (UNDP), and the European Union (EU) to strengthen Nigeria's sovereign credit rating. This collaboration follows a high-level credit rating needs assessment mission in Abuja, aimed at instilling investor confidence and reducing borrowing costs.

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, emphasized the government's commitment to securing a higher credit rating that accurately reflects ongoing reforms and economic opportunities. The initiative is part of a broader strategy to achieve an investment-grade status, which experts suggest could reduce borrowing costs by 100 to 150 basis points, potentially saving Nigeria approximately ₦5.84 trillion.

The debrief meeting included key figures such as Adeyemi Adeniran, Chief Economist at the Africa Bureau of UNDP, and representatives from Canada and the EU, who expressed their commitment to supporting Nigeria's public finance and development agenda.