OYEDELE ADVANCES NIGERIA AfDB COOPERATION, SEEKS PORTFOLIO REVIEW AND BACKS BANK’S FOUR CARDINAL POINTS AGENDA
By Pan Afric Reporters
Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the Bank’s portfolio in the country and prepare for a proposed visit by its President, Dr Sidi Ould Tah, as part of efforts to accelerate project delivery, strengthen development financing and deepen economic cooperation.
The Federal Ministry of Finance disclosed this in a press release dated October 12, 2026, issued by Efe Ovuakporie, Head of Media, following a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Ould Tah on the sidelines of the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.
During the meeting, Oyedele reaffirmed Nigeria’s commitment to maintaining its position as the AfDB’s largest shareholder and meeting its capital subscription obligations, stressing that the longstanding partnership should translate into greater development financing and tangible economic benefits.
He also expressed Nigeria’s support for the Bank’s Four Cardinal Points Agenda, which 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 statement, Oyedele said the agenda aligns closely with Nigeria’s development priorities and offers opportunities to strengthen cooperation between the country and the continental financial institution.
The proposed portfolio review is expected to identify implementation bottlenecks, accelerate project execution and ensure that ongoing AfDB-supported operations align more closely with the Federal Government’s development objectives.
Ould Tah’s proposed visit to Nigeria is expected to include engagements with President Bola Ahmed Tinubu, senior government officials and other stakeholders to discuss the country’s development priorities and strategic partnership with the Bank.
AfDB Moves to Address High Borrowing Costs
The two sides also examined the high cost of borrowing confronting African economies, with Oyedele expressing concern that international credit ratings do not always adequately reflect improvements in countries’ economic fundamentals and reform performance.
He noted that such assessments could increase financing costs for countries like Nigeria, limiting their capacity to mobilise affordable capital for development.
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 international credit rating agencies.
The proposed facility is expected to help governments present credible economic data and challenge assessments where necessary, with the broader objective of promoting fairer evaluations and improving access to financing.
Focus on Investment and Financial Integration
Other issues discussed included African financial integration, local-currency transactions, trade insurance and credit-enhancement mechanisms designed to reduce investment risks and attract private capital.
Both parties also emphasised the importance of retaining skilled professionals within Africa to support economic transformation and sustainable development.
The ministry stated that technical work on financing and portfolio performance would continue alongside preparations for the AfDB President’s proposed visit.
The renewed engagement underscores Nigeria’s efforts to strengthen its strategic relationship with the Bank, improve the performance of development projects and secure financing that supports infrastructure, investment and broader economic growth.
