Financial expert and popular accountant, Prof Godwin Oyedokun, has explained the implications of the proposed unveiling of the Africa Credit Rating Agency, AfCRA.
In an exclusive interview with DAILY POST on Wednesday, Oyedokun said AfCRA’s unveiling would be a significant milestone for Nigeria and the African financial system.
His comments come as the planned launch of AfCRA is expected to rival Moody’s, S&P and Fitch, the global rating firms.
The development has become more pressing following the continent’s, and specifically Nigeria’s, burgeoning external debt figures.
African nations’ external debt stood at approximately $1.93 trillion in 2025, while Nigeria’s external debt stock stood at $51.9 billion, as total debt hit N166 trillion in the first quarter of 2026.
According to Oyedokun, AfCRA would provide an opportunity for the continent and Nigeria to reduce their dependence on traditional global rating agencies and introduce a credit-rating perspective that better reflects Africa’s economic realities.
He noted that the move would strengthen the domestic bond market and deepen local expertise in credit analysis.
“For Nigeria, AfCRA could improve access to capital, strengthen the domestic bond market, provide an additional independent assessment of sovereign and corporate creditworthiness, and potentially reduce the risk premium attached to African investments.
“It could also deepen local expertise in credit analysis and improve investor information,” he told DAILY POST.
He, however, said the success of Africa’s rating agency would ultimately depend on its credibility and independence.
Oyedokun warned that AfCRA must not become a rating agency established to give African countries favourable ratings.
“However, AfCRA’s success will ultimately depend on credibility and independence. It must not become an agency established to give African countries favourable ratings. Its methodologies must be transparent, its assessments evidence-based, and its decisions free from political influence.
“For Nigeria, the emergence of AfCRA should therefore be viewed not simply as a challenge to Moody’s, S&P and Fitch, but as an opportunity to create greater competition and better-quality financial intelligence.
“Nigeria should continue engaging with the established global agencies while supporting AfCRA as an additional credible source of assessment.
“The real benefit will come not from obtaining better ratings, but from building an African rating system whose ratings investors genuinely trust,” he added.
Moody’s, S&P, Fitch rival: Expert reveals what Africa’s new rating agency means for Nigeria