Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the Bank's portfolio in Nigeria and to prepare an official visit to Nigeria by the AfDB President, Dr. Sidi Ould Tah.
The agreement was reached on Monday during a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Dr. Ould Tah on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
In a statement by the Head of Media, Efe Ovuakporie, Oyedele confirmed that Nigeria intends to remain the Bank's largest shareholder and to meet its capital subscription obligations.
He stressed that the long-standing relationship should now deliver more development finance and practical economic gains for the country.
The Minister expressed Nigeria's support for the Bank's strategic agenda under its new leadership — the Four Cardinal Points — which 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 the agenda aligns closely with Nigeria's own development priorities under President Bola Ahmed Tinubu's Renewed Hope Agenda.
According to the statement, the joint portfolio review will identify implementation bottlenecks, speed up project delivery, and align ongoing AfDB operations with the Federal Government's development priorities.
The proposed visit by the AfDB President is expected to include engagements with President Tinubu, senior government officials and other stakeholders on Nigeria's development priorities and strategic cooperation with the Bank.
Both sides also discussed the high cost of borrowing faced by African countries.
Oyedele noted that international credit ratings do not always reflect improvements in economic fundamentals and reform performance, a situation that raises financing costs for countries like Nigeria.
In response, Dr. Ould Tah disclosed that the AfDB is developing a facility to provide African governments with technical and analytical support in their engagement with credit rating agencies.
The facility will 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.
Both sides also stressed the need to retain skilled professionals on the continent.
The Ministry said technical work on financing and portfolio performance will continue alongside preparations for the AfDB President's visit.