Nigeria's Taiwo Oyedele Advocates for Affordable Capital in Africa

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, called on the international community to enhance the availability of affordable capital for infrastructure and development in Africa. Speaking at the United Nations Dialogue on Solutions to Climate Finance during the 81st Session of the United Nations General Assembly in New York, he noted that Africa's development, particularly in energy, is hampered by high financing costs, currency risks, and limited access to long-term capital.

Oyedele pointed out that despite Africa's minimal contribution to global carbon emissions, the continent faces a "prejudice premium" and "narrative cost" in securing financing for essential infrastructure. He advocated for a strategic shift in climate finance to allow easier access to affordable capital for developing nations.

Oyedele emphasized the need for increased investment in gas and transition energy sources in Africa to improve energy access and combat global energy poverty. He stated that Nigeria's immediate focus is on policies that reduce poverty and enhance economic opportunities.