Nigeria's Oyedele Advocates for Affordable Capital in Africa

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, called for increased availability of affordable capital to finance infrastructure and development across Africa. He made this appeal while addressing the United Nations Dialogue on Solutions to Climate Finance at the 81st Session of the United Nations General Assembly in New York.

Oyedele highlighted that Africa's development ambitions, especially regarding energy needs, are hindered by high financing costs, currency risks, and limited access to long-term capital. He pointed out that despite Africa's minimal contribution to global carbon emissions, the continent faces a “prejudice premium” and “narrative cost” in mobilizing financing for essential infrastructure.

He urged for a strategic shift in climate finance to facilitate easier access to affordable capital for developing countries and called for increased investment in gas and transition energy sources in Africa. Oyedele emphasized that Nigeria's immediate priority is to implement policies that reduce poverty and expand economic opportunities, requiring stronger international cooperation and a supportive financing framework.