Nigeria and AfDB to Review $6.2 Billion Project Portfolio

Nigeria and the African Development Bank (AfDB) have agreed to review Nigeria’s $6.2 billion project portfolio to identify implementation challenges, accelerate project delivery, and align ongoing operations with the Federal Government’s priorities. This agreement was reached on Monday in Bangkok by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, and AfDB President Sidi Ould Tah, during the 2026 Annual Meetings of the IMF and World Bank Group.

The portfolio includes 55 public and private sector operations, making it the largest country portfolio in Africa for the bank. Oyedele reaffirmed Nigeria’s commitment to being the bank’s largest shareholder and fulfilling its capital subscription obligations.

He expressed that the partnership should yield increased development financing and economic benefits. Ould Tah is expected to visit Nigeria for further discussions with President Bola Tinubu and other stakeholders.

The two officials also addressed the high borrowing costs for African countries and the need for improved credit ratings.