Tinubu backs AfCRA launch, urges agency to earn global investor confidence
President Bola Ahmed Tinubu has endorsed the upcoming African Credit Rating Agency (AfCRA), set to launch on October 7, 2026, with headquarters in Port Louis, Mauritius. Speaking on X, Tinubu said AfCRA must earn global investors' confidence through independence, credibility and rigorous assessments, echoing his long-standing call for an Africa-owned rating agency that evaluates economies on local realities and reform progress.
The African Union confirmed the launch date after earlier delays, positioning AfCRA as an alternative to the dominant global firms—Fitch, Moody’s and S&P—that have shaped how investors view African sovereign and corporate debt. Tinubu warned that the so-called 'Africa premium'—the gap between perceived and actual risk—continues to raise borrowing costs across the continent, and that fair, context‑driven ratings could help close that gap.
AfCRA is part of a broader push by African leaders to build financial institutions that better understand the continent’s development trajectory. Countries such as Ghana and Zambia have previously criticised downgrades by international agencies, arguing that inflated borrowing costs worsened debt challenges. The agency will assess both sovereign and corporate debt, aiming to provide ratings grounded in African fundamentals rather than external perceptions. Will AfCRA’s independent assessments ultimately lower borrowing costs for Nigerian businesses and governments?