7 global companies that have pulled back from Nigeria under Tinubu
Here are some of the major companies that have either fully exited, ended significant local operations or substantially scaled back their Nigerian businesses since 2023. The post 7 global companies that have pulled back from Nigeria under Tinubu appeared first on Nairametrics .
President Bola Ahmed Tinubu has urged the upcoming African Credit Rating Agency (AfCRA) to earn the trust of global investors by being independent, credible and conducting thorough assessments. The announcement of AfCRA's official launch on October 7, 2026, by the African Union followed earlier delays. This comes as African leaders seek institutions capable of offering fairer evaluations of the continent's economic risks and investment potential.
Tinubu expressed his long-standing backing for an Africa-owned credit rating agency, highlighting his support in a Financial Times opinion piece from February and during the Africa CEO Forum in Kigali in May. He viewed the agency as part of a larger initiative to establish African financial institutions better equipped to grasp the continent's economic realities and development course.
The AU confirmed on Wednesday that AfCRA would commence operations from its headquarters in Port Louis, Mauritius. Ghana and Zambia had earlier criticized credit downgrades, asserting that they raised borrowing costs and deepened debt problems. The African Peer Review Mechanism (APRM) recently challenged Fitch Ratings for its downgrade of the African Export-Import Bank (Afreximbank), contending that the assessment lacked a proper grasp of African financial institutions.
African leaders have recently pushed for greater control over the continent’s financial narrative and risk assessment framework. Tinubu noted that African nations continue to bear high borrowing costs due to perceived or incomplete assessments of their economic risks. In a Financial Times article, he warned that the "Africa premium" - the differential between perceived and actual risk - continues to inflate the cost of capital throughout the continent.
He maintained that although global rating agencies contribute to shaping investor sentiment, Africa requires institutions that can deliver context-based assessments mirroring the realities of its economies.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
