Nigeria and the African Development Bank (AfDB) have agreed to review the country’s $6.2 billion project portfolio to identify implementation challenges, accelerate project delivery and align ongoing operations with the Federal Government’s priorities.
The agreement was reached on Monday in Bangkok by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and AfDB President Sidi Ould Tah, on the sidelines of the 2026 Annual Meetings of the IMF and World Bank Group.
The portfolio comprises 55 public and private sector operations, making it the bank’s largest country portfolio in Africa.
Nigeria seeks greater development impact from AfDB partnership
Oyedele reaffirmed Nigeria’s commitment to maintaining its position as the bank’s largest shareholder and meeting its capital subscription obligations.
He said the longstanding partnership between Nigeria and the AfDB should translate into increased development financing and tangible economic benefits for the country.
The minister also expressed Nigeria’s support for the bank’s Four Cardinal Points agenda under Ould Tah’s leadership, which focuses on bridging Africa’s financing gap, strengthening financial sovereignty, harnessing its demographic dividend and developing resilient infrastructure through the local transformation of natural resources.
Oyedele said the priorities aligned closely with Nigeria’s development objectives.
Ould Tah is expected to visit Nigeria for meetings with President Bola Tinubu, senior government officials and other stakeholders. The engagements are expected to strengthen strategic cooperation and advance discussions on Nigeria’s development priorities.
AfDB plans support for African countries on credit ratings
The two officials also discussed the high cost of borrowing facing African countries, particularly concerns that international credit ratings do not always adequately reflect improvements in economic fundamentals and reform performance.
Oyedele said such assessments could increase borrowing costs for countries such as Nigeria.
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.
He said the facility would help governments present credible economic data and challenge assessments where necessary.
Other areas discussed included African financial integration, local currency transactions, trade insurance and credit enhancement mechanisms to reduce investment risks and attract private capital.
The two sides also emphasised the need to retain skilled professionals on the African continent.
AfDB’s financing and credit rating efforts
The proposed review builds on the AfDB’s existing financing commitments to Nigeria and comes amid broader efforts to address borrowing costs across Africa.
- In November 2025, Nairametrics reported that the AfDB had approved a $500 million loan to the Federal Government for the second phase of the Economic Governance and Energy Transition Support Programme.
Earlier this month, Nairametrics reported that the AfDB was developing an initiative to help African countries improve their sovereign credit ratings by strengthening economic data and transparency, with the aim of reducing borrowing costs.