Nigeria, AfDB Plan Review of Development Projects, Financing
The Federal Government has criticised international credit rating agencies for allegedly failing to adequately reflect improvements in Nigeria’s economic fundamentals and reform performance, arguing that such assessments contribute to the high cost of borrowing for the country and other African economies. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, raised the concern during a bilateral meeting with the President of the African Development Bank (AfDB), Sidi Ould Tah, on the sidelines of the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand. According to a statement issued on Tuesday by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie, Oyedele said credit ratings do not always capture improvements achieved by countries implementing economic reforms. In response, Ould Tah disclosed that the AfDB was developing a mechanism to help African governments engage with international rating agencies, present credible economic data and challenge assessments they consider inconsistent with their performance.
Nigeria and the AfDB also agreed to conduct a joint technical review of the bank’s existing portfolio in the country to identify project implementation challenges, accelerate delivery and align ongoing operations with the Federal Government’s development priorities. Oyedele reaffirmed Nigeria’s commitment to maintaining its position as the bank’s largest shareholder and meeting its capital subscription obligations, while calling for the longstanding relationship to deliver increased development financing and tangible economic benefits. The minister also expressed support for the AfDB’s Four Cardinal Points agenda, which focuses on bridging Africa’s financing gap, strengthening financial sovereignty, harnessing the continent’s demographic dividend and developing resilient infrastructure through local processing of natural resources. Both officials discussed expanding local currency transactions, deepening African financial integration and strengthening trade insurance and credit enhancement mechanisms to reduce investment risks and attract private capital. They also highlighted the need to retain skilled professionals in Africa. The meeting concluded with plans to prepare for an official visit to Nigeria by the AfDB president, during which he is expected to meet President Bola Tinubu, senior government officials and other stakeholders. Technical discussions on financing arrangements and project performance are expected to continue ahead of the visit.
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