Nigeria’s President Bola Tinubu has called for the creation of an African-led Credit Rating Agency (ACRA) to address what he describes as biases from Western rating agencies that undervalue African economies. Speaking at the 38th Ordinary Session of the African Union (AU) Assembly in Addis Ababa, Ethiopia, Tinubu highlighted the need for an independent African solution to provide more accurate economic assessments and reduce the negative impacts of global rating practices.

Delivered by Nigeria’s Minister of Foreign Affairs Ambassador Yusuf Tuggar, Tinubu’s message stressed the urgent need to implement the Africa Financing Stability Mechanism (AFSM), a financial safety net aimed at improving economic resilience across the continent. He credited recent discussions at the 5th Extraordinary Session of the Specialized Technical Committee on Finance in Abuja as laying the groundwork for the AFSM’s adoption, which could help manage financial risks and foster new economic opportunities.

Additionally, Tinubu pressed the African Union Peace and Security Council (AUPSC) to establish a Combined Maritime Task Force to combat growing security threats in the Gulf of Guinea. Offering Lagos as the headquarters for the proposed force, he underscored the rising dangers of piracy and other illegal activities that are destabilizing the region’s economy.

The proposal aligns with Nigeria’s recent agreement with the African Union to provide strategic sea lift services for peacekeeping missions, humanitarian operations, and responses to natural disasters. Nigeria’s Navy will offer a vessel to support AU missions, ensuring quick and effective responses to emerging security threats.

Key figures present at the signing included Defence Minister Badaru Abubakar, Attorney-General Prince Lateef Fagbemi, Naval Chief Vice Admiral Emmanuel Ikechukwu Ogalla, and Ambassador Bankole Adeoye, AU Commissioner for Political Affairs, Peace, and Security.

Addressing broader regional security concerns, Tinubu linked ongoing instability in Libya to the deepening crises in the Sahel region, exacerbating conflicts in countries like Burkina Faso, Mali, Niger, Sudan, and Gabon. “The Sahel cannot enjoy peace as long as Libya does not,” he warned, urging stronger AU-backed peace initiatives.

He also welcomed the upgrade of Nigeria’s National Counter-Terrorism Centre into a Regional Counter-Terrorism Hub and the renewal of the Multinational Joint Task Force’s mandate to continue countering Boko Haram and violent extremism in the Lake Chad region.