Oyedele Demands Affordable Capital to Unlock Africa’s Infrastructure, Energy Development
By Pan Afric Reporters
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called on the international community to urgently scale up access to affordable and long-term capital to enable African countries finance critical infrastructure, expand energy access and accelerate economic development.
The call was contained in a statement issued by the Head of Information and Public Relations, Federal Ministry of Finance, Efe Ovuakporie, on Wednesday, September 23, 2026, following Oyedele’s address to the United Nations Dialogue on Solutions to Climate Finance on the margins of the 81st Session of the United Nations General Assembly in New York.
Oyedele said Africa’s development ambitions, particularly in the energy sector, remained constrained by high financing costs, currency risks and limited access to affordable long-term capital, despite the continent’s relatively low contribution to global carbon emissions.
He said African countries were being confronted with additional financing burdens arising from what he described as a “prejudice premium,” “narrative cost” and “stereotype tax,” which make it more difficult and expensive for the continent to mobilise capital for critical infrastructure and development assets.
The Minister therefore called for a strategic shift in the global approach to climate finance, stressing the need for simpler access to affordable capital and financing arrangements that reflect the development realities of developing countries. He also urged greater investment in gas and other transition energy sources in Africa to expand reliable and affordable energy access and help address global energy poverty.
According to him, increased investment in Africa’s energy sector would not only support development but also diversify global energy supplies and reduce concentration risks, particularly against the backdrop of disruptions affecting the Gulf region. He stressed that Africa’s energy transition must take into account the continent’s significant energy-access deficit and the need to pursue a practical transition towards cleaner energy sources.
For Nigeria, Oyedele said the immediate priority was to implement policies and programmes capable of reducing poverty, expanding economic opportunities and accelerating the distribution of shared prosperity. He maintained that achieving these goals would require stronger international cooperation and a financing framework that enables developing countries to mobilise the capital needed to invest in infrastructure and improve the lives of their citizens.
