African countries are paying a “prejudice premium” for development finance despite contributing least to global emissions, Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele spoke on the sidelines of the 81st UN General Assembly in New York at the UN Dialogue on Climate Finance, where he called on the international community to unlock cheaper capital for Africa’s infrastructure and energy transition.
According to him, beyond high interest rates, African nations face what he described as a “narrative cost” and “stereotype tax” as well as currency risk, which together make it difficult to fund critical energy and development projects.
He advocated for climate finance that is simpler, cheaper and tailored to Africa’s realities, urging increased investment in gas and other transition fuels as a practical way to tackle energy poverty.
Oyedele said stronger global cooperation is needed to enable countries like Nigeria to lift people out of poverty and drive shared prosperity.
At UNGA, Oyedele Decries High Cost of Capital for Africa
