Nigeria and African Development Bank have agreed to joint technical review of Bank portfolios in Nigeria and to prepare an official visit to Nigeria by AfDB President.
The agreement was reached when the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, met AfDB President Dr Sidi Ould Tah on Monday on the sidelines of 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
According to a statement on Tuesday by Head of Media Federal Ministry of Finance Efe Ovuakporie on October 12, 2026, Oyedele confirmed that Nigeria intends to remain Bank largest shareholder and to meet its capital subscription obligations.
He said the long relationship between Nigeria and the Bank should now deliver more development finance and practical economic gains.
Oyedele expressed Nigeria’s support for Four Cardinal Points, Bank strategic agenda under Ould Tah which are to bridge Africa financing gap, secure continent financial sovereignty, harness its demographic dividend and build resilient infrastructure through local transformation of natural resources.
He said the agenda aligns closely with Nigeria’s own development priorities.
The portfolio review will identify implementation bottlenecks, speed up project delivery and align ongoing operations with Federal Government development priorities.
Ould Tah’s proposed visit is expected to include engagement with President Bola Ahmed Tinubu, senior government officials and other stakeholders on Nigeria development priorities and strategic cooperation with the Bank.
Both sides also discussed the high cost of borrowing faced by African countries, with Oyedele saying international credit ratings do not always reflect improvements in economic fundamentals and reform performance which raises financing costs for countries such as Nigeria.
In response, Ould Tah disclosed that AfDB is developing facilities to give African governments technical and analytical support in their engagement with credit rating agencies to help countries present credible economic data and challenge assessments where necessary.
Other areas discussed included African financial integration, local currency transactions, trade insurance and credit enhancement to reduce investment risk and attract private capital, with both sides stressing the need to retain skilled professionals on the continent.
Technical work on financing and portfolio performance will continue alongside preparations for President visit.
