Nigeria has called for reforms to the international credit rating system and increased mobilisation of long-term capital to finance Africa’s infrastructure and development priorities, as the country pushes for a new model of global economic partnerships based on sovereignty and mutual benefits.
Sola Enikanolaiye, minister of state for foreign affairs, made the call at the Berlin Global Dialogue 2026, where he advocated greater strategic autonomy for African countries in shaping economic partnerships and advancing their national interests, a statement obtained by BusinessDay, on Sunday, indicated.
Speaking at a high-level panel on ‘Foreign Policy by Other Means: Trade, Technology, and Geopolitical Power’ and a policy lab on infrastructure and investment, Enikanolaiye said Africa needed partnerships that reflected its priorities, respected its sovereignty and promoted shared prosperity.
He said Nigeria’s doctrine of strategic autonomy would enable the country to engage with different geopolitical blocs without being constrained by their ideological differences, while protecting its national interests and those of Nigerian businesses.
‘It allows us a space of action regardless of ideology or political complexion of the various blocs to advance our own national interest, including those of Nigerian companies,’ he said.
The minister also called for a shift away from the traditional extractive economic model, urging African countries to prioritise local processing and value addition rather than continue exporting raw minerals.
He said the continent needed to develop stronger domestic industrial capacity to retain more economic value from its natural resources, create jobs and strengthen its position in global trade.
On infrastructure, Enikanolaiye stressed the importance of developing bankable projects capable of attracting sustainable investment, alongside building the technical skills needed to implement and maintain them.
He noted that Africa’s average gross domestic product growth rate stood at 4.3 per cent, compared with an ambition of seven per cent, arguing that achieving the higher target would require stronger investment flows and more effective financing arrangements.
He called for reforms to the international credit rating system, which influences how countries are assessed by investors and the cost at which they borrow, while welcoming the establishment of the African Credit Rating Agency as part of efforts to strengthen the continent’s financial assessment capacity.
The minister said mobilising long-term capital remained essential to financing Africa’s development agenda, particularly in infrastructure and productive sectors that require substantial investment over extended periods.
He also reaffirmed Nigeria’s commitment to fiscal discipline, transparency, democracy and the rule of law, describing these principles as important foundations for credible international partnerships and sustainable economic development.