Barbara Bako, Abuja.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called on the international community to unlock affordable long-term capital for Africa, saying high borrowing costs remain one of the biggest obstacles to financing the continent’s infrastructure and energy needs.
Speaking at the United Nations Dialogue on Solutions to Climate Finance on the sidelines of the 81st Session of the United Nations General Assembly in New York, Oyedele said Africa continues to face disproportionately high financing costs despite contributing relatively little to global carbon emissions.
He argued that African countries pay a “prejudice premium,” “narrative cost,” and “stereotype tax” when raising funds for critical infrastructure, alongside significant currency risks that make capital more expensive.
The minister called for reforms to global climate finance, urging simpler access to affordable funding and financing structures that reflect the development realities of African economies.
Oyedele also advocated increased investment in gas and other transition energy sources, noting that Africa’s energy transition must address the continent’s huge energy-access deficit while supporting economic growth.
He added that expanding investment in Africa’s energy sector would strengthen global energy security by diversifying supply and reducing concentration risks linked to disruptions in the Gulf region.
For Nigeria, Oyedele said the government’s priority is to implement policies that reduce poverty, expand economic opportunities, and accelerate shared prosperity through greater infrastructure investment backed by stronger international cooperation.
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