The Federal Government has reiterated its dedication to Africa’s economic progress by contributing an additional $500 million to the Nigeria Trust Fund (NTF).
This announcement was made by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the official signing ceremony at the 2025 Annual Meetings of the African Development Bank (AfDB) held in Abidjan, according to the News Agency of Nigeria (NAN).
Edun described the fresh contribution as a testament to Nigeria’s leadership and solidarity with low-income African nations striving for growth.
He also paid tribute to the outgoing AfDB President, Dr. Akinwumi Adesina, praising his transformative leadership over the past decade.
“We congratulate Dr. Adesina on a highly successful ten-year tenure. He elevated the international profile and influence of the AfDB, firmly placing it on the global stage,” Edun said.
Highlighting Nigeria’s renewed pledge to the NTF, Edun revealed that the $500 million would be disbursed over time, with the fund’s tenure extended to 2040.
“This pool of funds aims to assist the less developed countries among us. We are all developing nations working to reduce poverty, improve living standards, and drive industrialisation and modernisation. We must ensure no one is left behind,” he stated.
In response, Dr. Adesina commended Nigeria’s commitment, calling it an exemplary demonstration of leadership amid pressing development challenges.
“The $500 million commitment to the AfDB for the NTF will enhance balance sheet optimisation, provide hybrid capital, and mobilise additional private investment for many low-income countries,” Adesina said.
He noted that the NTF plays a crucial role in supporting the most vulnerable economies and hailed Nigeria’s leadership in this effort.
“Expanding capital access is vital for these nations to grow their private sectors and adopt sustainable financing models,” he added. “Nigeria is once again leading the way for Africa’s vulnerable economies.”
Key Facts:
- The Nigeria Trust Fund, managed by the AfDB, was established in 1976 through an agreement between Nigeria and the Bank.
- It provides concessional financing for projects and programs targeting low-income African countries.
- Unlike the African Development Fund (ADF), NTF resources are earmarked for specific projects rather than countries and can support public or private sector operations, co-financing, or supplement existing Bank-funded projects.
- With this latest funding boost, the NTF is expected to play an even greater role in advancing sustainable development across Africa.
