The Federal Government has called for a reassessment of how international credit rating agencies evaluate Nigeria’s economy, arguing that the country’s reform efforts and economic improvements are not adequately reflected in their reports.
Finance Minister Taiwo Oyedele made the appeal during discussions with African Development Bank President Sidi Ould Tah at the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.
According to a statement issued on Tuesday by the Federal Ministry of Finance, Oyedele said the way international agencies rate African economies could make it more expensive for their governments to secure loans.
The statement partly read, “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.”
Credit ratings play a major role in determining how investors view a country’s ability to repay its debts. Lower ratings can lead to higher interest rates, increasing the amount governments spend on borrowing.
In response to Nigeria’s concerns, Ould Tah revealed that the AfDB was developing a support system to help African countries engage with international rating agencies and present stronger evidence of their economic performance.
The statement added, “The facility will help countries present credible economic data and challenge assessments where necessary.”
The proposed arrangement is expected to help governments provide reliable economic figures and contest ratings they consider inconsistent with their financial and economic realities.
Beyond the issue of credit ratings, Nigeria and the AfDB agreed to examine the bank’s ongoing projects in the country to identify delays and improve the use of development funds.
The ministry stated, “The portfolio review will identify implementation bottlenecks, speed up project delivery and align ongoing operations with the Federal Government’s development priorities.”
Oyedele also reiterated Nigeria’s commitment to maintaining its position as the AfDB’s largest shareholder and meeting its financial commitments to the institution.
He called for the longstanding relationship between both parties to produce more funding opportunities and practical benefits for Nigerians.
The statement added, “He said the long relationship between Nigeria and the Bank should now deliver more development finance and practical economic gains.”
The minister further backed the AfDB’s Four Cardinal Points agenda, which seeks to address Africa’s financing challenges, improve financial independence, harness its population potential and develop stronger infrastructure through local processing of natural resources.
The meeting also considered measures to strengthen financial cooperation across Africa, encourage trade using local currencies and improve insurance and credit support for businesses.
Such initiatives are expected to reduce investment risks, ease access to funding and attract more private investors to African markets.
Both sides also discussed the importance of keeping skilled professionals on the continent to support economic development.
They agreed to begin arrangements for a visit to Nigeria by the AfDB president, during which he is expected to meet President Bola Tinubu, senior government officials and other stakeholders.
The visit is expected to focus on Nigeria’s development priorities and ways to strengthen its partnership with the bank. Further discussions on project funding and implementation will continue ahead of the proposed visit.