Nigeria, AfDB Agree On Portfolio Review As Oyedele Backs Bank's Four-Point Agenda

Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the Bank’s portfolio in Nigeria and to commence preparations for an official visit to the country by the AfDB President, Dr Sidi Ould Tah.

The agreement was reached on Monday when the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, met with Dr Ould Tah on the sidelines of the 2026 IMF and World Bank Annual Meetings in Bangkok, Thailand.

A statement by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie, said Oyedele reaffirmed Nigeria’s commitment to remain the largest shareholder of the Bank and to meet its capital subscription obligations.

According to the Minister, the longstanding relationship between Nigeria and the AfDB should translate into increased development finance and tangible economic benefits for Nigerians.

Oyedele also declared Nigeria’s support for the Bank’s Four Cardinal Points Agenda under Dr Ould Tah’s leadership, which focuses on bridging Africa’s financing gap, securing the continent’s financial sovereignty, harnessing its demographic dividend, and building resilient infrastructure through local value addition to natural resources.

He noted that the agenda aligns with Nigeria’s development priorities.

The proposed portfolio review is expected to identify implementation bottlenecks, accelerate project delivery and align ongoing AfDB operations with the Federal Government’s development objectives.

The Ministry said Dr Ould Tah’s planned visit to Nigeria will include engagements with President Bola Ahmed Tinubu, senior government officials and other stakeholders on Nigeria’s development priorities and strategic partnership with the Bank.

Both parties also discussed the high cost of borrowing faced by African countries. Oyedele observed that international credit ratings often fail to reflect improvements in economic fundamentals and reform efforts, thereby raising financing costs for countries like Nigeria.

In response, Dr Ould Tah disclosed that the AfDB is developing a facility to provide African governments with technical and analytical support in engagements with credit rating agencies, to enable them present credible data and challenge unfavorable assessments where necessary.

Other issues discussed included African financial integration, promotion of local currency transactions, trade insurance and credit enhancement to de-risk investments and attract private capital. Both sides also emphasized the need to retain skilled professionals on the continent.

The statement added that technical work on financing and portfolio performance will continue alongside preparations for the AfDB President’s visit.