Oyedele Seeks Affordable Capital to Bridge Africa’s Infrastructure Gap
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has called for affordable capital to finance Africa’s infrastructure. This is contained in a statement on Wednesday
Nigeria's Minister of Finance, Mr Taiwo Oyedele, has urged the international community to provide affordable capital for Africa's infrastructure development. This call was made at the United Nations Dialogue on Solutions to Climate Finance in New York, during its margins at the 81st Session of the United Nations General Assembly (UNGA). The dialogue focused on addressing the continent's energy needs amid high financing costs and limited access to long-term capital.
Oyedele noted that Africa's low carbon emissions did not protect it from higher financing costs, describing the situation as a "prejudice premium" and "narrative cost". He identified currency risks and "stereotype tax" as additional burdens for African countries seeking capital for energy and development projects. To address these challenges, Oyedele called for simpler and more affordable financing arrangements that reflect the development realities of developing countries.
The minister further urged for increased investment in gas and other transition energy sources, particularly in Africa. He believed that such investment would expand access to reliable and affordable energy, address global energy poverty, and diversify global energy supplies. This diversification is crucial, he said, amid disruptions in the Gulf region.
Oyedele stressed that Africa's energy transition must reflect the continent's significant energy-access deficit. He emphasized the need for greater investment to help African countries meet development needs while pursuing practical transitions to cleaner energy sources. For Nigeria, his immediate priority is implementing policies and programs to reduce poverty and expand economic opportunities, thereby accelerating shared prosperity among Nigerians.
Achieving these objectives, according to Oyedele, requires stronger international cooperation and a financing framework that supports developing countries in mobilizing the capital needed to develop infrastructure and improve citizens' livelihoods.
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