FG faults international credit ratings over borrowing costs
The Federal Government has faulted international credit rating agencies for assessments that raise borrowing costs by not reflecting Nigeria’s economic ref Read More: https://punchng.com/fg-faults-international-credit-ratings-over-borrowing-costs/
The Nigerian government has criticized international credit rating agencies for not adequately reflecting the country's improvements in economic fundamentals and reform performance, leading to higher borrowing costs for Nigeria and other African nations. Minister of Finance, Taiwo Oyedele, raised this concern during a meeting with African Development Bank (AfDB) President, Sidi Ould Tah, ahead of the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.
Oyedele argued that credit ratings often fail to capture advances made by countries implementing economic reforms, resulting in higher financing costs. The AfDB is developing a mechanism to support African governments in their dealings with these agencies, aiming to provide technical and analytical assistance to improve the quality of information presented to rating agencies.
Nigeria and the AfDB also agreed to conduct a joint technical review of the bank's portfolio in Nigeria to address implementation bottlenecks and align operations with the country's development priorities.
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