Oyedele, AfDB President Agree on Nigeria Portfolio Review, Official Visit
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 an official visit by its president, Dr Sidi Ould Tah.
The agreement was reached on Monday, October 12, 2026, during a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Ould Tah on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
According to a statement by the Federal Ministry of Finance, the review will identify challenges affecting project implementation, accelerate delivery and ensure that ongoing operations align with the Federal Government’s development priorities.
Oyedele reaffirmed Nigeria’s commitment to maintaining its position as the AfDB’s largest shareholder and meeting its capital subscription obligations.
He noted that the longstanding relationship between Nigeria and the bank should translate into increased development financing and tangible economic benefits for the country.
The minister also expressed Nigeria’s support for the AfDB’s Four Cardinal Points Agenda introduced under Ould Tah’s leadership.
The agenda focuses on bridging Africa’s financing gap, strengthening the continent’s financial sovereignty, harnessing its demographic dividend and developing resilient infrastructure through the local transformation of natural resources.
Oyedele said the bank’s priorities align closely with Nigeria’s development objectives.
The proposed visit by Ould Tah is expected to include meetings with President Bola Ahmed Tinubu, senior government officials and other stakeholders to discuss Nigeria’s development needs and strategic cooperation with the bank.
The two leaders also examined the high cost of borrowing facing African countries. Oyedele argued that international credit ratings do not always adequately reflect improvements in economic fundamentals and reform performance, thereby increasing borrowing 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 assistance in their engagements with credit rating agencies.
The initiative is expected to help countries present credible economic data and challenge assessments where necessary.
Other issues discussed included African financial integration, 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 within the African continent.
The ministry said technical discussions on financing and portfolio performance would continue alongside preparations for the AfDB president’s proposed visit to Nigeria.
