Tinubu Supports Launch of African Credit Rating Agency

President Bola Tinubu has expressed his support for the African Union's announcement regarding the launch of the African Credit Rating Agency (AfCRA) on October 7 in Port Louis, Mauritius. In a post on his official X account, Tinubu described the initiative as a significant step towards establishing financial institutions that better understand African economies and risks.

He previously advocated for such an institution in a February 2026 article in the Financial Times and reiterated the necessity for Africa to develop its own financial institutions during the Africa CEO Forum in Kigali, Rwanda, in May. Tinubu highlighted that the agency aims to provide alternative assessments of African economies, emphasizing the need for fair ratings based on economic fundamentals rather than preferential treatment.

He criticized the dominance of Fitch, Moody’s, and S&P Global Ratings, arguing that their evaluations often overlook local economic conditions, leading to excessive borrowing costs for African nations. Tinubu cited a UNDP report estimating that Africa loses about $75 billion annually due to inadequate credit ratings.

He stressed that AfCRA must earn the confidence of international investors through independence and rigorous assessments.