President Bola Ahmed Tinubu will on Sunday participated in the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government in Addis Ababa, Ethiopia, on Sunday, marking a significant moment in Africa’s economic independence.
The summit witnessed the historic launch of the African Credit Rating Agency (AfCRA), a homegrown initiative aimed at providing a fair, transparent, and unbiased credit rating system for African nations.
The establishment of AfCRA comes as a response to years of perceived bias from global credit rating agencies, including Fitch, Moody’s, and S&P, which African leaders argue have contributed to a loss of over $75 billion in investment opportunities across the continent.
By offering a rating system that accurately reflects Africa’s economic realities, AfCRA is expected to improve the continent’s access to global investment and financing.
This latest development aligns with Africa’s broader push for economic resilience and self-reliance.
Recently, the African Union also established the African Energy Bank (AEB), headquartered in Nigeria, which aims to support energy projects across the continent and end the long-standing issue of energy poverty.
The AEB is designed to fund energy infrastructure development, helping Africa harness its vast natural resources for sustainable growth.
President Tinubu’s presence at the AU summit establishes Nigeria’s active role in shaping Africa’s economic future.
As chair of the ECOWAS Authority of Heads of State and Government, Tinubu has consistently advocated for stronger regional economic policies and deeper integration within Africa.
With the launch of AfCRA and other financial initiatives, Africa is taking decisive steps toward reducing dependency on external financial institutions and ensuring that its economies are evaluated based on regional realities rather than foreign perceptions.
