Afreximbank President George Elombi Calls for African Credit Ratings Agency and Narrative Shift

Afreximbank President Dr. George Elombi told journalists at a media roundtable in Abuja that African stories should highlight the continent’s industrial progress and investment opportunities rather than repeatedly focus on conflict and crisis. He criticised international credit‑rating agencies for assigning higher risk to African institutions despite Afreximbank’s strong loan performance and lower default rates, and urged the creation of an African‑owned rating agency that would assess economies based on local realities.

Elombi cited Afreximbank’s own projects, including a $2.5 billion financing package for the Dangote Refinery, a $75 million research endowment for disease treatment, and the Pan‑African Payment and Settlement System operating in 28 countries, as evidence of Africa’s growing financial resilience. He argued that a fairer rating framework and a more balanced media narrative would lower borrowing costs, attract capital and support the continent’s industrial transformation.