FG, AfDB to Review Bank’s Projects in Nigeria as Country Confirms Bid to Remain Largest Shareholder

Ndubuisi Francis in Abuja

Nigeria and African Development Bank (AfDB) have agreed to a joint technical review of the bank’s portfolio (investments) in Nigeria and the preparation of an official visit to Nigeria by AfDB President, Dr. Sidi Ould Tah.

The portfolio review will identify implementation bottlenecks, speed up project delivery, and align ongoing operations with the federal government’s development priorities.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Tah agreed on impending portfolio review and Tah’s proposed visit when they met on the side-lines of the ongoing IMF/World Bank Group Annual Meetings in Bangkok, Thailand.

Oyedele confirmed that Nigeria intended to remain the bank’s largest shareholder and to meet its capital subscription obligations.

He added that the long relationship between Nigeria and AfDB should now deliver more development finance and practical economic gains.

The minister expressed Nigeria’s support for the “Four Cardinal Points”, the bank’s strategic agenda under Tah.

They are: to bridge Africa’s financing gap, secure the continent’s financial sovereignty, harness its demographic dividend, and build resilient infrastructure through the local transformation of natural resources.

Oyedele said the agenda aligned closely with Nigeria’s own development priorities.

Tah’s proposed visit is expected to include engagement with President Bola Tinubu, senior government officials, and other stakeholders on Nigeria’s development priorities and its strategic cooperation with the bank, the Ministry of Finance  said in a statement issued by its Head of Media, Efe Ovuakporie.

The two sides also discussed the high cost of borrowing faced by African countries, with Oyedele saying international credit ratings did not always reflect improvements in economic fundamentals and reform performance, which raised financing costs for countries like Nigeria.

Tah disclosed that AfDB was developing a facility to give African governments technical and analytical support in their engagement with credit rating agencies. He said the facility would 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.

Technical work on financing and portfolio performance will continue alongside preparations for the AfDB president’s visit.