The Nigerian government and the African Development Bank have agreed to review projects the bank funds across the country to identify challenges slowing progress and speed up delivery.
The agreement was reached on Monday during a meeting between finance minister Taiwo Oyedele and AfDB president Sidi Ould Tah in Bangkok, Thailand.
The meeting took place on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank Group.
In a statement on Monday, the finance ministry said the joint review would focus on problems affecting project implementation and ways to improve delivery. The ministry did not state the projects to be reviewed or give a timeline for the review.
The AfDB is one of Nigeria’s major development partners, providing loans and other financial support for projects in sectors such as agriculture, electricity, transport and water supply.
Most of the bank’s support is aimed at improving infrastructure, creating jobs and strengthening economic growth.
In April 2025, the AfDB approved a new five-year strategy for Nigeria, with plans to provide $2.95 billion in financing over four years. The strategy also envisaged $3.21 billion in additional funding from development partners.
The latest agreement made in Bangkok is expected to help both sides assess how existing projects are being carried out and address problems affecting their progress.
During the meeting, Mr Oyedele said Nigeria wanted its partnership with the bank to provide more development funding and deliver practical economic benefits. He also confirmed that Nigeria intended to remain the bank’s largest shareholder and meet its financial obligations.
Both officials discussed the high cost of borrowing faced by African countries, including Nigeria.
Mr Oyedele said international credit ratings do not always reflect improvements in countries’ economies, making it more expensive for them to borrow money.
Credit ratings are used by lenders and investors to assess a country’s ability to repay its debts. Countries with lower ratings generally face higher borrowing costs.
Mr Ould Tah said the AfDB was developing a programme to help African governments engage with international credit rating agencies. He explained that the programme would help countries provide reliable economic data and challenge ratings they consider inaccurate.
Mr Oyedele also expressed Nigeria’s support for the bank’s Four Cardinal Points agenda, which focuses on closing Africa’s financing gap, strengthening financial independence, creating opportunities for its growing population and improving infrastructure through the processing of natural resources within the continent.
The two officials also discussed ways to attract private investment, improve trade and strengthen financial cooperation among African countries. They also restated the need to retain skilled professionals in Africa.
According to the ministry’s statement, both sides agreed to begin preparations for an official visit to Nigeria by the AfDB president.
The proposed visit is expected to include meetings with President Bola Tinubu, senior government officials and other stakeholders to discuss Nigeria’s development priorities and cooperation with the bank.
The ministry said technical work on financing and portfolio performance will continue alongside preparations for the president’s visit.
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