THE Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, raised the concern during a bilateral meeting with the President of the African Development Bank, 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 issued on Tuesday by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie, Oyedele argued that credit assessments sometimes overlook progress made by countries implementing economic reforms, potentially increasing their financing costs.
“Oyedele said international credit ratings do not always reflect improvements in economic fundamentals and reform performance, which raises financing costs for countries such as Nigeria,” the statement said.
Sovereign credit ratings influence how international investors assess a country’s ability to repay its debts. Lower ratings can increase the interest rates governments must offer to attract investors, making external borrowing more expensive and leaving less money available for infrastructure and social spending.
In response, Ould Tah disclosed that the AfDB was developing a mechanism to help African governments engage more effectively with international credit rating agencies.
“The facility will help countries present credible economic data and challenge assessments where necessary,” the ministry said.
The proposed mechanism is expected to provide technical and analytical support to African countries seeking to improve the information available to rating agencies and contest assessments they consider inconsistent with their economic performance.
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Nigeria, AfDB plan portfolio review
Beyond the dispute over credit ratings, Nigeria and the AfDB agreed to conduct a joint technical review of the bank’s existing portfolio in the country to accelerate project delivery and improve the effectiveness of development financing.
The review will identify implementation bottlenecks, address delays and ensure that ongoing projects align more closely with the Federal Government’s development priorities, according to the ministry.
The exercise is expected to strengthen the delivery of projects financed by the continental lender and improve the economic benefits Nigeria derives from its partnership with the institution.
Oyedele also reaffirmed Nigeria’s commitment to maintaining its position as the AfDB’s largest shareholder and meeting its capital subscription obligations.
He said the longstanding relationship between Nigeria and the bank should translate into increased development financing and tangible economic gains.
“He said the long relationship between Nigeria and the Bank should now deliver more development finance and practical economic gains,” the statement added.
AfDB agenda targets Africa’s financing gap
The finance minister also expressed Nigeria’s support for the AfDB’s Four Cardinal Points agenda under Ould Tah’s leadership, saying its priorities aligned with the Federal Government’s development objectives.
The agenda focuses on closing Africa’s financing gap, strengthening financial sovereignty, harnessing the continent’s demographic dividend and building resilient infrastructure through the local processing of natural resources.
Both officials also discussed measures to deepen financial integration across Africa, expand local-currency transactions and strengthen trade insurance and credit-enhancement mechanisms.
These initiatives are intended to reduce investment risks, improve access to financing and encourage greater private-sector participation in African economies.
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The discussions further highlighted the need to retain skilled professionals within the continent to support economic transformation and strengthen institutions.
AfDB president plans Nigeria visit
Nigeria and the AfDB also agreed to begin preparations for an official visit by Ould Tah to the country.
The proposed visit is expected to include meetings with President Bola Tinubu, senior government officials and other stakeholders to discuss Nigeria’s development priorities and deepen cooperation with the bank.
The Ministry of Finance said technical discussions on financing arrangements and the performance of the bank’s existing project portfolio would continue alongside preparations for the visit.
