Nigeria and the African Development Bank have agreed to review the bank’s project portfolio. The portfolio is valued at $5.1 billion. It covers 52 public and private operations. It is the bank’s largest country portfolio in Africa. The agreement was reached on Monday in Bangkok. The meeting was held on the sidelines of the 2026 IMF and World Bank Group Annual Meetings.
Nigeria is the AfDB’s largest shareholder. It has been a member since 1964. The bank finances infrastructure, agriculture, energy and social projects. In 2023, the bank approved $500 million for the Nigeria Electrification Project. In 2024, it invested in special agro-industrial processing zones. Portfolio reviews are periodic. They identify delays and improve delivery. The current review aims to align projects with government priorities.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, met with AfDB President Sidi Tah. Oyedele reaffirmed Nigeria’s commitment to remaining the bank’s largest shareholder. He said the partnership should translate into increased development financing and tangible economic benefits. He expressed support for the bank’s Four Cardinal Points agenda. The agenda seeks to bridge Africa’s financing gap, secure financial sovereignty, harness the demographic dividend and develop resilient infrastructure.
Oyedele said the portfolio review would identify implementation challenges, accelerate project delivery and align operations with government priorities. Tah’s planned visit to Nigeria will include meetings with President Bola Tinubu. The officials also discussed the high cost of borrowing. Oyedele said credit ratings do not always reflect improvements in economic fundamentals. Tah said the AfDB was developing a facility to help African governments engage credit rating agencies. Other areas discussed include financial integration, local currency transactions and trade insurance.
Winners: Nigeria, which gains financing. AfDB, which gains alignment. Project beneficiaries, who gain faster delivery. Investors, who gain confidence. Losers: Countries with smaller portfolios. Contractors who fail to deliver. Taxpayers, if funds are mismanaged. No serious losers if the review works.
Bottom Line: Nigeria and AfDB reviewed a $5.1 billion portfolio. It is the largest in Africa. The review aims to accelerate delivery. Nigeria wants more financing. AfDB wants results. Both sides must deliver.