Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the bank’s projects in the country, with the aim of resolving implementation delays and ensuring development financing delivers tangible results.
The agreement followed a meeting between Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, and AfDB President Sidi Ould Tah on October 12, on the sidelines of the 2026 International Monetary Fund and World Bank Group annual meetings in Bangkok, Thailand.
Oyedele reaffirmed Nigeria’s commitment to remaining the bank’s largest shareholder and meeting its capital subscription obligations. He said the longstanding partnership should translate into increased development financing and practical economic benefits.
The review will identify obstacles slowing project implementation, accelerate delivery and ensure ongoing operations align with the Federal Government’s development priorities.
Both sides also agreed to prepare for a proposed official visit to Nigeria by Ould Tah. The visit is expected to include discussions with President Bola Tinubu, senior government officials and other stakeholders on the country’s development needs.
Another key issue was the high cost of borrowing faced by African countries. Oyedele argued that international credit ratings do not always adequately reflect improvements in economic conditions and reform performance, potentially increasing borrowing costs.
Ould Tah disclosed that the AfDB was developing a facility to help African governments engage with credit rating agencies through technical advice and stronger economic data.
The discussions also covered regional financial integration, local-currency transactions, trade insurance and measures to attract private investment.
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