Barbara Bako, Bangkok.
Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the bank’s portfolio in the country to accelerate project delivery and strengthen development cooperation.
The agreement was reached at a meeting between the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and the AfDB President, Dr Sidi Ould Tah, on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand.
According to a statement by the Federal Ministry of Finance, the two sides also agreed to begin preparations for an official visit to Nigeria by the AfDB president.
Oyedele reaffirmed Nigeria’s commitment to remaining the bank’s largest shareholder and meeting its capital subscription obligations, stressing that the longstanding partnership should translate into increased development financing and tangible economic benefits.
He also expressed Nigeria’s support for the bank’s Four Cardinal Points agenda, introduced under Ould Tah’s leadership, which focuses on bridging Africa’s financing gap, strengthening financial sovereignty, harnessing the continent’s demographic dividend and building resilient infrastructure through the local transformation of natural resources.
Oyedele said the Four Cardinal Points agenda aligned with Nigeria’s development priorities, adding that the planned portfolio review would identify implementation bottlenecks, accelerate project delivery and ensure that ongoing AfDB-supported operations were better aligned with the Federal Government’s development objectives.
Ould Tah’s proposed visit to Nigeria is expected to include meetings with President Bola Tinubu, senior government officials and other stakeholders to discuss the country’s development priorities and strategic partnership with the bank.
The meeting also addressed the high cost of borrowing confronting African countries, with Oyedele noting that international credit ratings do not always adequately reflect improvements in economic fundamentals and reform performance.
He said such assessments could increase borrowing costs for countries, including Nigeria, thereby constraining access to affordable financing.
In response, Ould Tah disclosed that the AfDB was developing a facility to provide African governments with technical and analytical support in their engagements with credit rating agencies.
The initiative is expected to help governments present credible economic data and challenge ratings assessments where necessary.
Other issues discussed included African financial integration, local-currency transactions, trade insurance and credit enhancement mechanisms to reduce investment risks and attract private capital.
Both sides also emphasised the importance of retaining skilled professionals on the continent to support Africa’s development.
The ministry said technical discussions on financing and portfolio performance would continue alongside preparations for the AfDB president’s proposed visit to Nigeria.
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