Prof Godwin Oyedokun, a well‑known financial analyst, told DAILY POST on Wednesday that the planned inauguration of the [Africa Credit Rating Agency](https://en.wikipedia.org/wiki/Africa_Credit_Rating_Agency) could mark a turning point for Nigeria’s access to capital, but its impact will hinge on the agency’s independence and credibility.
**What is AfCRA and why does it matter?**
AfCRA is being positioned as a home‑grown alternative to the dominant global rating firms – [Moody's](https://en.wikipedia.org/wiki/Moody%27s), [S&P;](https://en.wikipedia.org/wiki/Standard_and_Poor%27s) and [Fitch](https://en.wikipedia.org/wiki/Fitch_Ratings). Its creation is intended to provide credit assessments that better reflect African economic realities and to reduce the continent’s dependence on external rating agencies.
**How could the new agency affect Nigeria?**
Oyedokun explained that a credible AfCRA could improve Nigeria’s ability to raise funds, strengthen the domestic bond market, and offer an additional, independent view of sovereign and corporate creditworthiness. He added that such a development might lower the risk premium attached to African investments and enhance the quality of information available to investors.
**What are the current debt pressures?**
African nations’ external debt is projected to reach roughly $1.93 trillion in 2025. Nigeria alone carries an external debt stock of about $51.9 billion, while total debt in the country hit N166 trillion in the first quarter of 2026. These figures underscore the urgency of diversifying rating sources.
**What challenges must AfCRA overcome?**
The professor warned that AfCRA must avoid becoming a body that simply hands out favourable ratings to African governments. Its methodologies need to be transparent, its assessments evidence‑based, and its decisions free from political interference. Only then can it earn the trust of investors.
**What is the broader implication for the market?**
Oyedokun urged that Nigeria should continue engaging with established global agencies while also supporting AfCRA as a credible supplementary source. The real advantage, he said, will come not from better ratings per se, but from building a rating ecosystem that investors genuinely trust.