Spread the word
Nigeria and the African Development Bank (AfDB) have agreed to a joint technical review of the Bank’s portfolio in Nigeria and to prepare an official visit to Nigeria by the AfDB President.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and AfDB President Dr Sidi Ould Tah agreed both steps when they met on Monday, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
Oyedele confirmed that Nigeria intends to remain the Bank’s largest shareholder and to meet its capital subscription obligations. He said the long relationship between Nigeria and the Bank should now deliver more development finance and practical economic gains.
Oyedele expressed Nigeria’s support for the Four Cardinal Points, the Bank’s strategic agenda under Ould Tah.
The four points are to bridge Africa’s financing gap, secure the continent’s financial sovereignty, harness its demographic dividend, and build resilient infrastructure through the local transformation of natural resources.
Oyedele said the agenda aligns closely with Nigeria’s own development priorities.
The portfolio review will identify implementation bottlenecks, speed up project delivery and align ongoing operations with the Federal Government’s development priorities.
Ould Tah’s proposed visit is expected to include engagement with President Bola Ahmed Tinubu, senior government officials and other stakeholders on Nigeria’s development priorities and its strategic cooperation with the Bank.
The two sides also discussed the high cost of borrowing faced by African countries. Oyedele said international credit ratings do not always reflect improvements in economic fundamentals and reform performance, which raises financing costs for countries such as Nigeria.
In response, Ould Tah disclosed that the AfDB is developing a facility to give African governments technical and analytical support in their engagement with credit rating agencies. The facility will help countries present credible economic data and challenge assessments where necessary.
…..
Spread the word