Tinubu Welcomes Launch of African Credit Rating Agency

President Bola Ahmed Tinubu welcomed the announcement by the African Union regarding the official launch of the African Credit Rating Agency (AfCRA) on October 7. In a statement made on Thursday, Tinubu described the establishment of AfCRA as a crucial step toward strengthening Africa's financial architecture.

He recalled advocating for an African credit rating agency in a Financial Times article published in February and reiterated this call at the Africa CEO Forum in Kigali, Rwanda, in May. Tinubu stressed that Africa seeks fair ratings based on economic fundamentals rather than preferential treatment.

He noted that AfCRA must establish credibility to gain the confidence of international investors and global capital markets, emphasizing that this confidence will depend on the agency's independence, professionalism, and the rigor of its assessments.