…Assures FG’s Support For Bank’s Four Cardinal Points Agenda
The Federal Government of Nigeria and the African Development Bank (AfDB) have agreed to a joint technical review of the bank’s portfolio in Nigeria and to prepare an official visit of the development finance institution’s President, Dr Sidi Ould Tah, to Nigeria.
The portfolio review will identify implementation bottlenecks, speed up project delivery and align the bank’s ongoing operations with the Federal Government’s development priorities.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and AfDB President Dr Sidi Ould Tah agreed on both steps during their meeting on Monday on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
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A statement issued by the Head of Media Unit of the Federal Ministry of Finance, Efe Ovuakporie, about the meeting indicated that the minister confirmed that Nigeria intended to remain the bank’s largest shareholder and to meet its capital subscription obligations.
According to him, the long relationship between Nigeria and the Bank should now deliver more development finance and practical economic gains.
Oyedele expressed Nigeria’s support for the Four Cardinal Points being the bank’s strategic agenda under Ould Tah.
The four points 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 aligns closely with Nigeria’s own development priorities.
Ould 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 two sides also discussed the high cost of borrowing faced by African countries and the minister maintained that international credit ratings had not always reflected improvements in economic fundamentals and reform performances of the countries in the continent, which raises financing costs for countries such as Nigeria.
In response, Ould Tah disclosed that the AfDB was developing a facility to give African governments technical and analytical support in their engagement with credit rating agencies, adding that the facility will 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.
The technical work on financing and portfolio performance will continue alongside preparations for the President’s visit.
