The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called on the international community to scale up the availability of affordable capital to finance infrastructure and development across Africa.
Speaking 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, Oyedele said Africa’s development ambitions, particularly its energy needs, continue to be constrained by high financing costs, currency risks and limited access to affordable long-term capital.
He said African countries also face additional financial pressures arising from perceptions about their economies and the risks associated with raising funds in foreign currencies.
Oyedele called for a change in the international approach to climate finance, with funding arrangements that take greater account of the development needs and economic realities of developing countries.
The Minister urged the international community to scale up investment in gas and other transition energy sources, particularly in Africa, to expand access to reliable and affordable energy and help address global energy poverty.
He argued that increased investment in Africa’s energy sector could contribute to global energy security by diversifying supply sources and reducing dependence on particular regions.
