FINANCE MINISTER CALLS FOR AFFORDABLE CAPITAL FOR AFRICA’S INFRASTRUCTURE
Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has called on the international community to scale up affordable capital for infrastructure and development in Africa.
Oyedele made the call in New York while addressing the United Nations Dialogue on Solutions to Climate Finance, on the sidelines of the 81st UN General Assembly.
He says Africa’s development, especially energy needs, is constrained by high financing costs, currency risks and limited access to long-term capital.
The Minister says despite Africa’s low contribution to global carbon emissions, the continent faces prejudice premium and narrative cost in mobilising finance for critical infrastructure.
He also identifies currency risk and what he calls stereotype tax as additional burdens on African countries seeking capital for energy and development.
Oyedele calls for a shift in climate finance approach, with simpler access to affordable capital that reflects developing countries’ realities.
He urges more investment in gas and other transition energy sources in Africa to expand access to reliable energy, address energy poverty, and diversify global energy supply amid disruptions in the Gulf region.
He adds that Africa’s energy transition must consider the continent’s energy-access deficit, while Nigeria’s priority remains policies to reduce poverty and expand economic opportunities.
The call was contained in a statement issued on Tuesday by Head of Information and Public Relations, Efe Ovuakporie.
