African Rating Agency Won’t Change Borrowing Costs Soon, Oyedele Warns

Minister of Finance and Coordinating Minister of the economy, Taiwo Oyedele, has cautioned that the newly launched African Credit Rating Agency may have limited impact on the continent’s borrowing costs in the medium term, saying investors’ confidence in its assessments will depend on trust, credibility and reliable data.
Speaking at Chatham House in London, Oyedele said the establishment of the agency was a positive development but would not immediately displace global rating agencies such as S&P Global Ratings, Moody’s and Fitch Ratings in the eyes of international investors.
When asked if the ACRA will be a game changer for Nigeria and Africa at large, Oyedele said “I will be hones...