President Bola Tinubu says he strongly supports an Africa-led credit rating agency (ACRA), saying it will provide fairer, more transparent credit assessments for African economies. 

Speaking yesterday at the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government in Addis Ababa, Ethiopia, President Tinubu explained that an independent Africa-led rating agency will help provide fairer assessments of African economies and reduce the bias often observed in existing global rating agencies.

President Tinubu also called on the Africa Union Peace and Security Council (AUPSC) to prioritise the establishment of a combined maritime task force to enhance security in the Gulf of Guinea.

He affirmed that the Africa Financing Stability Mechanism (AFSM) is crucial as the continent continues to face significant challenges, such as rising borrowing costs, debt overhang, low domestic resource mobilisation, and limited access to long-term affordable financing.