Nigeria Reaffirms Commitment to AfDB as Oyedele Seeks More Development Financing
The Federal Government has reaffirmed Nigeria’s commitment to the African Development Bank (AfDB), expressing expectations that its longstanding relationship with the institution will deliver increased development financing and stronger economic benefits.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the position known during a meeting with the AfDB President, Dr Sidi Ould Tah, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
At the meeting held on Monday, October 12, the two parties agreed to undertake a joint technical review of the bank’s portfolio in Nigeria and begin preparations for an official visit by Ould Tah.
Oyedele confirmed that Nigeria intended to retain its position as the bank’s largest shareholder and fulfil its capital subscription obligations.
He also endorsed the AfDB’s Four Cardinal Points Agenda, which prioritises closing Africa’s financing gap, securing financial sovereignty, harnessing the continent’s demographic dividend and building resilient infrastructure through the local processing of natural resources.
According to the minister, the agenda is consistent with Nigeria’s development priorities and provides an opportunity to strengthen cooperation between the country and the bank.
The proposed portfolio review will focus on identifying obstacles to project implementation, improving delivery timelines and ensuring that existing projects support the Federal Government’s development objectives.
Ould Tah’s planned visit to Nigeria is expected to feature discussions with President Bola Ahmed Tinubu, senior government officials and other stakeholders on the country’s development priorities and its partnership with the AfDB.
The meeting also addressed the financial challenges confronting African countries, particularly the high cost of borrowing.
Oyedele expressed concern that international credit ratings sometimes fail to adequately capture improvements in countries’ economic fundamentals and reform efforts, resulting in higher financing costs.
The AfDB president revealed that the bank was developing a facility to assist African governments with technical and analytical support when engaging credit rating agencies.
The proposed facility would help governments provide reliable economic data and challenge assessments where necessary.
The discussions further covered financial integration across Africa, local currency transactions, trade insurance and credit enhancement measures aimed at reducing investment risks and encouraging private-sector financing.
Both parties also underscored the need to retain skilled professionals in Africa to support the continent’s development.
Technical discussions on financing and the performance of the bank’s Nigerian portfolio will continue as preparations for Ould Tah’s visit progress.
