Tinubu Welcomes October 7 Launch of African Credit Rating Agency

By Adebola Muili

President Bola Ahmed Tinubu has welcomed the planned October 7, 2026 launch of the African Credit Rating Agency (AfCRA), describing the initiative as another step towards building African financial institutions capable of properly assessing the continent’s economies and risks.

The President said the establishment of the agency would help advance efforts to develop a financial system that better understands Africa’s economic realities.

Tinubu stated this in a statement issued on Thursday, in which he recalled his previous advocacy for the establishment of an African credit rating agency.

He said he had made the case for such an institution in an article published by the Financial Times in February and also spoke about the need for Africa to develop financial institutions that understand its economies and assess its risks properly at the Africa CEO Forum in Kigali in May.

“AfCRA is another step towards that goal,” Tinubu said.

The President stressed that Africa was not seeking favourable credit ratings but assessments that fairly reflect the continent’s economic fundamentals and ongoing reforms.

“Africa is not asking for favourable ratings. We are asking for fair ratings, grounded in our fundamentals and in the reforms our economies are actually carrying out,” he said.

Tinubu, however, said the new agency would have to earn the confidence of global capital, stressing that its credibility would depend largely on its independence and professional rigour.

“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” the President said.

He expressed optimism ahead of the official launch, adding, “I look forward to October 7.”