By Oluwakemi Kindness
Nigeria and the African Development Bank (AfDB) have agreed to review the Bank’s project portfolio in the country to identify implementation bottlenecks and accelerate delivery.
The Federal Ministry of Finance disclosed this in a statement following a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and AfDB President, Sidi Ould Tah, in Bangkok, Thailand, on Monday.
The meeting took place on the sidelines of the 2026 IMF and World Bank Group Annual Meetings.
The ministry said the review would identify obstacles to project implementation, speed up delivery and align ongoing operations with the Federal Government’s development priorities.
However, it did not disclose the projects to be reviewed, their financial value or a timeline for completing the exercise.
Oyedele reaffirmed Nigeria’s commitment to remaining the Bank’s largest shareholder and meeting its capital subscription obligations.
He said Nigeria’s longstanding relationship with the AfDB should translate into increased development financing and practical economic gains.
The minister also expressed support for the Bank’s Four Cardinal Points agenda, which focuses on bridging Africa’s financing gap, strengthening financial sovereignty, harnessing its demographic dividend and building resilient infrastructure through local resource processing.
The two sides also discussed the high cost of borrowing faced by African countries.
Oyedele said international credit ratings did not always reflect improvements in economic fundamentals and reform performance, contributing to higher financing costs for countries such as Nigeria.
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 facility is expected to help governments present credible economic data and challenge assessments where necessary.
The meeting also addressed African financial integration, local currency transactions, trade insurance and credit enhancement to reduce investment risks and attract private capital.
Both sides further stressed the need to retain skilled professionals on the continent.
The ministry added that technical discussions on financing and portfolio performance would continue alongside preparations for the AfDB President’s proposed visit to Nigeria.
The planned 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.
