By Gloria Ikibah
Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the bank’s project portfolio in the country to address implementation challenges and accelerate the delivery of development projects. 
The agreement was reached on Monday in Bangkok, Thailand, when the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, met the AfDB President, Dr Sidi Ould Tah, on the sidelines of the 2026 International Monetary Fund and World Bank Group Annual Meetings.
The two sides also agreed to begin preparations for an official visit to Nigeria by the AfDB president to discuss the country’s development priorities and strengthen cooperation with the continental financial institution.
Oyedele reaffirmed Nigeria’s commitment to remaining the bank’s largest shareholder and meeting its capital subscription obligations, stressing that the longstanding relationship between both sides should translate into greater development financing and tangible economic benefits.
The minister also expressed Nigeria’s support for the AfDB’s Four Cardinal Points agenda introduced by Ould Tah, describing its priorities as closely aligned with the Federal Government’s development objectives.
The agenda focuses on bridging Africa’s financing gap, securing the continent’s financial sovereignty, harnessing its demographic dividend and building resilient infrastructure through the local transformation of natural resources.
According to the Federal Ministry of Finance, the proposed portfolio review will identify obstacles affecting project implementation, speed up delivery and ensure that ongoing operations are better aligned with Nigeria’s development priorities.
The review is expected to provide an opportunity for both sides to assess project performance, identify areas requiring intervention and strengthen the impact of AfDB-supported investments in the country.
The proposed visit by Ould Tah is expected to include meetings with President Bola Tinubu, senior government officials and other stakeholders.
Discussions are expected to focus on Nigeria’s development priorities and opportunities to deepen strategic cooperation with the AfDB.
The engagement comes as African governments seek more affordable financing to fund infrastructure, expand economic opportunities and address development challenges amid high borrowing costs and tighter global financial conditions.
Nigeria and the AfDB also discussed the cost of borrowing faced by African countries, with Oyedele raising concerns about the relationship between international credit ratings and the actual economic conditions of countries undertaking reforms.
The minister argued that international credit ratings did not always adequately reflect improvements in economic fundamentals and reform performance, potentially increasing financing costs for countries such as Nigeria.
High borrowing costs have remained a concern for African economies seeking to finance infrastructure and other development priorities while managing debt-servicing obligations.
In response to the concerns, Ould Tah disclosed that the AfDB was developing a facility to provide African governments with technical and analytical support in their engagements with international credit rating agencies.
The facility is expected to help governments present credible economic data and challenge assessments where necessary.
Such support could help African countries better communicate their economic performance, address concerns raised by rating agencies and ensure that assessments reflect relevant economic fundamentals.
The initiative also reflects broader efforts to improve Africa’s access to international capital markets and reduce the financing disadvantages faced by countries seeking to attract investment.
Beyond project financing and credit ratings, Oyedele and Ould Tah discussed measures to strengthen African financial integration and encourage greater investment across the continent.
Other areas of discussion included 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 in Africa, recognising the need to strengthen the continent’s human capital and institutional capacity to support sustainable development.
The ministry said technical work on financing and portfolio performance would continue alongside preparations for the AfDB president’s proposed visit to Nigeria.
The discussions signal a renewed effort by Nigeria and the bank to strengthen their longstanding partnership, improve the implementation of development projects and mobilise financing that delivers more visible economic benefits.
For Nigeria, the planned review offers an opportunity to address bottlenecks in AfDB-supported projects, while the bank’s proposed credit-rating support facility could help African governments make a stronger case for more favourable financing conditions.
