- Rallies Behind 4 Cardinal Points
BY COBHAM NSA – Nigeria has locked in a major strategic pact with the African Development Bank (AfDB) to supercharge development finance and fast-track economic gains as a key player with huge economic influence on the continent.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele and AfDB President Dr Sidi Ould Tah finalized the agreement on Monday during high-level talks on the sidelines of the ongoing 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
Both sides are also planning a joint technical and comprehensive review of the Bank’s portfolio in Nigeria ahead of the AfDB President’s official visit to Abuja later this year.
This is as Oyedele confirmed that Nigeria intends to remain the Bank’s largest shareholder and to meet its capital subscription obligations, but insisted the long relationship between both sides should now deliver more development finance and practical economic gains for the country.
He expressed Nigeria’s support for the Bank’s strategic agenda under Ould Tah, particularly the four cardinal points of 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.
Also explaining that the Bank’s agenda aligns closely with Nigeria’s development priorities, the Minister said the portfolio review will identify implementation bottlenecks, speed up project delivery and align ongoing operations with the Federal Government’s development priorities.
Ould Tah’s proposed visit is expected to include engagement with President Bola Ahmed Tinubu, senior government officials and other stakeholders on Nigeria’s development priorities and its strategic cooperation with the Bank.
The two sides also discussed the high cost of borrowing faced by African countries. Oyedele said international credit ratings do not always reflect improvements in economic fundamentals and reform performance, which raises financing costs for countries such as Nigeria.
In his response, Ould Tah said AfDB is developing a facility to give African governments technical and analytical support in their engagement with credit rating agencies, adding that the arrangement will help countries present credible economic data and challenge assessments where necessary.
Other areas of discussions included African financial integration, local currency transactions, trade insurance and credit enhancement to reduce investment risk and attract private capital. Also on the table was agreement by both sides on the need to retain skilled professionals on the continent.
Meanwhile, Head of Media, Federal Ministry of Finance, Efe Ovuakporie, said Ould Tah’s scheduled visit is expected to cover engagement with President Bola Tinubu, senior government officials and other stakeholders on Nigeria’s development priorities and its strategic cooperation with the Bank.
The statement said technical work on financing and portfolio performance is expected to continue alongside preparations for the President’s visit.
