Nigeria has reaffirmed its commitment to retaining its position as the largest shareholder of the African Development Bank (AfDB) and meeting its financial obligations to the institution.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the assurance during a meeting with the AfDB President, Dr 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 by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie, both parties agreed to conduct a joint technical review of the bank’s project portfolio in Nigeria to address implementation challenges and accelerate the completion of ongoing projects.

The review is also expected to ensure that AfDB-funded operations align with the Federal Government’s development priorities.

Oyedele reaffirmed Nigeria’s support for the AfDB’s Four Cardinal Points, the strategic agenda introduced under Ould Tah’s leadership to tackle Africa’s major economic and development challenges.

Oyedele said the bank’s strategic priorities aligned with Nigeria’s development objectives, providing an opportunity to deepen cooperation between both parties.

He explained that unfavourable assessments could increase borrowing costs for countries such as Nigeria, making it more expensive to finance infrastructure and other development projects.

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 international credit rating agencies.

The proposed facility is expected to help governments present reliable economic data, explain the impact of reforms and challenge assessments considered inconsistent with available evidence.

Oyedele and Ould Tah also discussed ways to strengthen financial integration across Africa and expand the use of local currencies in cross-border transactions.

Other areas of discussion included the use of trade insurance and credit enhancement mechanisms to reduce investment risks and encourage greater private-sector participation in infrastructure, industrial development and trade.