L-R: Tony Muhumuza, Economic Adviser, UNDP; Raymond Gilpin, Chief Economist for Africa, UNDP; Monday Usiade, National Adviser to UNDP on Sovereign Credit Rating Initiative for Nigeria; Konrad Reuss, Credit Rating Adviser to UNDP; at today’s High-Level Debriefing Meeting on Credit Rating Needs Assessment Mission for Nigeria, in Abuja.
…Cut borrowing costs
Emma Ujah, Abuja Bureau Chief
The Federal Government, in partnership with the United Nations Development Programme (UNDP), has begun efforts to improve Nigeria’s sovereign credit ratings as part of a broader strategy to reduce the country’s borrowing costs and attract more investment.
Speaking at the High-Level Debriefing Meeting on the Credit Ratings Needs Assessment Mission for Nigeria in Abuja yesterday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said African countries have for years paid an estimated $74.5 billion annually in additional borrowing costs due to what is widely described as the “African Premium.”
