The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called on the international community to increase access to affordable capital to support infrastructure development and economic growth across Africa.
Oyedele made the call while addressing 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.
The Minister said Africa’s development ambitions, particularly in the energy sector, continued to be constrained by high financing costs, currency risks and limited access to affordable long-term capital.
He noted that despite Africa’s relatively low contribution to global carbon emissions, countries on the continent face additional financing challenges, including what he described as a “prejudice premium” and “narrative cost” when seeking funds for critical infrastructure.
Oyedele also identified currency risk and what he termed “stereotype tax” as additional burdens confronting African countries in their efforts to mobilise capital for energy and other development projects.
He therefore called for a strategic shift in the global approach to climate finance, advocating simpler access to affordable funding for developing countries and financing arrangements that take into account their unique development circumstances.
The Minister further urged the international community to increase investment in gas and other transition energy sources, particularly in Africa, to expand access to reliable and affordable energy and help tackle global energy poverty.
According to him, increased investment in Africa’s energy sector would not only support the continent’s development but also help diversify global energy supplies and reduce concentration risks, particularly amid disruptions affecting the Gulf region.
Oyedele stressed that Africa’s energy transition must reflect the continent’s significant energy-access deficit, saying greater investment was needed to enable African countries to meet their development needs while pursuing a practical transition towards cleaner energy sources.
On Nigeria, the Minister said the immediate priority of the government was to design and implement policies and programmes aimed at reducing poverty, expanding economic opportunities and accelerating the distribution of shared prosperity.
He said achieving these objectives would require stronger international cooperation and a financing framework capable of enabling developing countries to mobilise the capital needed to invest in infrastructure and improve the living standards of their citizens.
The statement was signed by Efe Ovuakporie, Head, Information and Public Relations, Federal Ministry of Finance, on September 23, 2026.
