By Deborah Nnamdi
Minister of the Economy, Mr. Wale Edun, has signed a landmark agreement with the African Development Bank (AfDB) to inject $500 million into the Nigeria Trust Fund (NTF) and extend its operations until 2040.
The agreement was formalized during a signing ceremony held in Abidjan on the sidelines of the AfDB Annual Meetings. Outgoing AfDB President, Dr. Akinwumi Adesina, represented the Bank at the event.
Established in 1976, the NTF offers concessional financing to support vital development projects across low-income African nations. Unlike the African Development Fund (ADF), which allocates resources to countries, NTF funds are designated for specific projects. These funds can support stand-alone public or private sector initiatives, co-financing arrangements with the AfDB and ADF, or serve as supplementary loans for bank-backed projects.
This latest replenishment underscores Nigeria’s enduring commitment to African solidarity and economic progress, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda. The expanded fund is expected to drive transformative investments in infrastructure, agriculture, education, and health—while also enhancing opportunities for Nigerian private sector involvement in regional development projects.
Commenting on the agreement, Minister Edun highlighted its potential to promote inclusive growth and development within Nigeria and beyond.
“This is not just an act of generosity; it is a strategic investment in Nigeria’s future and the prosperity of our neighbors. A stronger continent means greater opportunity for our people and our businesses.”
Responding to the announcement, Adesina applauded Nigeria’s renewed support, calling it a model of leadership in a time of urgent development needs.
“The $500m you have committed to the AfDB for the NTF will allow us to do balance sheet optimization.
“It will provide hybrid capital and mobilize more private capital for many low-income countries.
The NTF is there to help the least stable among us, and Nigeria is proud to provide that leadership to Africa and to be an integral part of the AfDB,” Adesina said.
“Nigeria is once again demonstrating the right leadership and commitment to Africa’s most vulnerable economies,” he added.
