Nigeria's Finance Minister Critiques Credit Ratings in 2026

The Federal Government of Nigeria has criticized international credit rating agencies for inadequately reflecting improvements in Nigeria’s economic fundamentals and reform performance, which contributes to the high borrowing costs faced by the country. This concern was raised by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, during a bilateral meeting with Sidi Ould Tah, the President of the African Development Bank, at the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.

Oyedele stated that international credit ratings often fail to capture the progress made by countries implementing economic reforms, leading to increased financing costs. In response, Ould Tah revealed that the AfDB is developing a mechanism to assist African governments in their interactions with credit rating agencies.

This initiative aims to provide technical support to improve the quality of data presented to these agencies. Additionally, Nigeria and the AfDB agreed to conduct a joint technical review of the bank’s existing portfolio in Nigeria to enhance project implementation and align operations with the Federal Government’s development priorities.