Deprecated: Function WP_Dependencies->add_data() was called with an argument that is deprecated since version 6.9.0! IE conditional comments are ignored by all supported browsers. in /home/corerepo/public_html/wp-includes/functions.php on line 6260 Oyedele Seeks Stronger Nigeria-AfDB Ties, Backs Bank’s Cardinal Points Agenda - Core Reporters
Bangkok, (Core Reporters) -Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the Bank’s portfolio in the country and prepare for a proposed visit by its President, Dr Sidi Ould Tah, to strengthen development cooperation and accelerate project implementation.
The agreement was reached on Monday when the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, met with Ould Tah on the sidelines of the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Bangkok, Thailand.
During the meeting, Oyedele reaffirmed Nigeria’s commitment to remaining the Bank’s largest shareholder and meeting its capital subscription obligations.
He stressed the need to translate the longstanding partnership between Nigeria and the AfDB into increased development financing and tangible economic benefits for the country.
The minister also expressed Nigeria’s support for the Bank’s Four Cardinal Points agenda under Ould Tah’s leadership, describing its priorities as closely aligned with the Federal Government’s development objectives.
The agenda focuses on bridging Africa’s financing gap, securing the continent’s financial sovereignty, harnessing its demographic dividend, and building resilient infrastructure through the local transformation of natural resources.
The proposed portfolio review is expected to identify implementation bottlenecks, accelerate project delivery and ensure that ongoing operations align more closely with Nigeria’s development priorities.
The planned visit by Ould Tah is also expected to feature engagements with President Bola Ahmed Tinubu, senior government officials and other stakeholders to discuss Nigeria’s economic priorities and deepen strategic cooperation between the country and the Bank.
Credit Ratings, Borrowing Costs in Focus
The discussions also addressed the high cost of borrowing confronting African countries, particularly concerns over how international credit ratings affect access to development financing.
Oyedele noted that credit ratings do not always adequately reflect improvements in economic fundamentals and the progress made by countries in implementing reforms, potentially increasing borrowing costs for economies such as Nigeria.
In response, Ould Tah disclosed that the AfDB was developing a facility to provide African governments with technical and analytical support in their engagements with credit rating agencies.
The proposed facility is expected to help governments present credible economic data, strengthen their engagement with rating agencies and challenge assessments where necessary.
The two sides also explored opportunities to deepen African financial integration, expand local-currency transactions, strengthen trade insurance and introduce credit-enhancement mechanisms to reduce investment risks and attract private capital.
They further emphasised the importance of retaining skilled professionals within the continent to support sustainable economic development and strengthen Africa’s institutional capacity.
Both parties are expected to continue technical discussions on financing arrangements and portfolio performance alongside preparations for the AfDB President’s proposed visit to Nigeria.
