Nigeria, AfDB to Conduct Technical Review of Development Projects

By Adedapo Adesanya

Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the bank’s project portfolio in the country to accelerate implementation and improve development outcomes.

The agreement was reached on Monday in Bangkok, Thailand, during a meeting between the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and AfDB President, Mr Sidi Ould Tah, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings.

The two sides also agreed to begin preparations for Mr Ould Tah’s official visit to Nigeria, where he is expected to meet President Bola Tinubu, senior government officials and other stakeholders to discuss development priorities and strategic cooperation.

Mr Oyedele reaffirmed Nigeria’s commitment to remaining the bank’s largest shareholder and meeting its capital subscription obligations, stressing that the longstanding relationship should translate into increased development financing and tangible economic benefits.

He also expressed Nigeria’s support for the AfDB’s Four Cardinal Points agenda under Mr Ould Tah, which 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.

According to the minister, the agenda aligns closely with Nigeria’s development priorities.

The proposed portfolio review is expected to identify implementation bottlenecks, accelerate project delivery and ensure that ongoing AfDB-supported operations are better aligned with the Federal Government’s economic and development objectives.

The meeting also addressed the high cost of borrowing confronting African economies, with Mr Oyedele arguing that international credit ratings do not always adequately reflect improvements in economic fundamentals and reform performance.

He said such assessments could increase financing costs for countries such as Nigeria, limiting their ability to fund development priorities.

Mr Ould Tah disclosed that the AfDB was developing a facility to provide African governments with technical and analytical support in their engagement with credit rating agencies. The initiative is expected to help countries present credible economic data and challenge assessments where necessary.

Other areas of discussion 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 continent to support sustainable economic development.

Technical discussions on financing and portfolio performance will continue alongside preparations for the AfDB president’s proposed visit to Nigeria.