2026 UNGA: Nigeria Pushes For Cheaper Capital To Invest In Africa’s Infrastructure

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has called on the international community to make financing more affordable and accessible for African countries seeking to develop critical infrastructure and expand energy access.

Speaking at the UN Dialogue on Climate Finance in New York on the sidelines of the 81st United Nations General Assembly, Oyedele argued that African countries face disproportionately high borrowing costs despite contributing relatively little to global carbon emissions.

He said African nations are burdened by what he described as a “prejudice premium,” “narrative cost,” and “stereotype tax” when seeking international financing. According to the minister, these additional costs, alongside currency risks, make it more difficult for African countries to secure the long-term capital needed for infrastructure, energy and development projects.

Oyedele called for simpler, cheaper and more accessible climate finance mechanisms that take into account Africa’s specific economic circumstances. He also advocated increased investment in natural gas and other transition fuels, arguing that Africa needs to address widespread energy poverty while gradually advancing its energy transition.

The minister stressed that stronger international cooperation and improved access to affordable capital would help countries such as Nigeria expand energy supply, reduce poverty, develop infrastructure and create broader economic opportunities.

His comments highlight Nigeria’s push for a climate-finance framework that balances global emissions goals with Africa’s development needs, particularly the continent’s urgent demand for reliable and affordable energy.