Tinubu Backs October Launch of African Credit Rating Agency

President Bola Tinubu has voiced his backing for the planned launch of the African Credit Rating Agency (AfCRA) in October 2026, describing it as a new stride towards establishing African financial institutions equipped to evaluate the continent's economic standing and risks. Tinubu made this statement in a message on his official X handle (@OfficialABAT) on Thursday, following the African Union's announcement that AfCRA would commence operations on October 7.

The President recalled his arguments for the creation of an African credit rating agency in February 2026, when he expressed this view in The Financial Times, and reiterated his call at the Africa CEO Forum in Kigali, Rwanda in May. Tinubu stressed that Africa requires financial institutions that comprehend the continent's economic landscape and can accurately gauge its risks, considering its economic fundamentals and ongoing reforms.

He emphasized that Africa is not seeking preferential treatment from credit rating agencies but rather fair assessments that accurately represent the realities of its economies. Tinubu stated, "Africa is not asking for favourable ratings. We are asking for fair ratings, grounded in our fundamentals and in the reforms our economies are actually carrying out."

Furthermore, Tinubu maintained that AfCRA must gain the confidence of global capital through its independence and the rigor of its assessments. He stated, "AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work." The President expressed optimism about the initiative and looks forward to the agency's official launch on October 7, 2026.