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