By Ikugbadi Oluwasegun
Taiwo Oyedele, Finance Minister and Coordinating Minister of the Economy, wants the international community to unlock cheaper capital for Africa’s infrastructure and energy needs.
Speaking at the UN Dialogue on Climate Finance in New York, on the sidelines of the 81st UN General Assembly, Oyedele said African nations continue to pay what he called a “prejudice premium” and “narrative cost” with raising financing despite contributing the least to global carbon emissions.
He also pointed to currency risk and what he termed “stereotype tax” as extra burdens weighing on the continent’s ability to fund energy and development projects.
The Minister called for simpler, more affordable climate finance that matches Africa’s realities, greater investment in gas and other transition fuels to cut energy poverty, and stronger international cooperation so countries like Nigeria can reduce poverty and expand shared prosperity.
