Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the bank’s project portfolio in the country and prepare for a visit by its president, Dr Sidi Ould Tah.
The agreement was reached on Monday in Bangkok, Thailand, during a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Ould Tah on the sidelines of the 2026 IMF and World Bank Group Annual Meetings.
According to a statement issued by the Federal Ministry of Finance, signed by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, and dated October 12, 2026, the portfolio review is expected to identify implementation bottlenecks, accelerate project delivery and align ongoing operations with the Federal Government’s development priorities.
Ould Tah’s proposed visit is expected to include meetings with President Bola Ahmed Tinubu, senior government officials and other stakeholders to discuss Nigeria’s development agenda and its strategic partnership with the bank.
Oyedele reaffirmed Nigeria’s commitment to remaining the AfDB’s largest shareholder and meeting its capital subscription obligations.
He said the longstanding relationship between Nigeria and the bank 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, the strategic agenda introduced under Ould Tah’s leadership.
The agenda focuses on bridging Africa’s financing gap, strengthening the continent’s financial sovereignty, harnessing its demographic dividend and developing resilient infrastructure through the local transformation of natural resources.
Oyedele said the priorities were closely aligned with Nigeria’s development objectives.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the President of African Development Bank (AfDB) Dr Sidi Ould Tah, with members of their delegations at 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, on Monday, 12 October, 2026
The meeting also addressed the high cost of borrowing confronting African countries, with Oyedele arguing that international credit ratings do not always adequately reflect improvements in economic fundamentals and the progress made through reforms.
He said such assessments could increase financing costs for countries, including Nigeria, and constrain their access to affordable capital.
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 proposed facility is intended to help governments present credible economic data and challenge credit assessments where necessary.
The two sides also discussed measures to deepen African financial integration, expand local-currency transactions and strengthen trade insurance and credit-enhancement mechanisms to reduce investment risks and attract private-sector capital.
They further emphasised the importance of retaining skilled professionals within the continent to support sustainable economic development.
The ministry said technical work on financing and portfolio performance would continue alongside preparations for the AfDB president’s proposed visit to Nigeria.
