AfDB Plans Technical Support for African Countries Over Credit Ratings as Nigeria Seeks Review
The African Development Bank (AfDB) is developing a facility to provide African governments with technical and analytical support in their dealings with international credit rating agencies.
The bank’s president, Dr Sidi Ould Tah, disclosed this during a meeting with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, in Bangkok, Thailand.
The meeting took place on Monday, October 12, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings.
According to the Federal Ministry of Finance, the proposed facility is expected to help African countries present credible economic data and challenge credit rating assessments where necessary.
Oyedele had raised concerns about the high cost of borrowing confronting African countries, noting that international credit ratings do not always reflect improvements in economic fundamentals and reform performance.
The meeting also produced an agreement for a joint technical review of the AfDB’s portfolio in Nigeria, alongside preparations for an official visit by Ould Tah to the country.
Oyedele reaffirmed Nigeria’s intention to remain the bank’s largest shareholder and meet its capital subscription obligations, while stressing the need for the longstanding partnership to generate more development financing and practical economic gains.
He also expressed support for the AfDB’s Four Cardinal Points Agenda, which seeks to bridge Africa’s financing gap, strengthen financial sovereignty, harness the continent’s demographic dividend and develop resilient infrastructure through the local transformation of natural resources.
The minister said the priorities were closely aligned with Nigeria’s development agenda.
The planned portfolio review will identify implementation bottlenecks, accelerate project execution and align ongoing operations with the Federal Government’s priorities.
During the proposed visit, Ould Tah is expected to engage President Bola Ahmed Tinubu, senior government officials and other stakeholders on Nigeria’s development priorities and strategic cooperation with the bank.
Other areas of discussion included African financial integration, local currency transactions, trade insurance and credit enhancement mechanisms to reduce investment risks and attract private capital.
The two sides also highlighted the importance of retaining skilled professionals within Africa.
The Federal Ministry of Finance said technical engagements on financing and portfolio performance would continue while preparations for the AfDB president’s visit were underway.
