May 29, 2025
Nigeria has reaffirmed its commitment to Africa’s economic development with a fresh 500 million dollars contribution to the Nigeria Trust Fund (NTF).
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made the announcement at the official signing of agreement at the African Development Bank (AfDB) Annual Meetings 2025 at Abidjan on Thursday.
Edun said the gesture was a strong signal of Nigeria’s leadership in supporting low-income African countries.
He also used the opportunity to pay tribute to the outgoing AfDB President, Dr Akinwumi Adesina, whom he praised for steering the Bank to new heights over the past decade.
“We congratulate and felicitate with Dr Adesina on a most successful tenure of ten years.
“He raised the international profile and public persona of the AfDB, putting it firmly on the world stage,” he said.
On the renewed commitment to the Trust Fund, Edun disclosed that Nigeria would inject 500 million dollars into the NTF over time and had extended the fund’s tenure to 2040.
“We know it is a poll of funds to help the less developing countries among us. We are all developing countries.
“We are all striving to achieve the reduction of poverty and improvement of our lives and people and indeed the industrialisation and modernisation of our economy. We must try not to leave anyone behind,” he said.
The minister said that while all African countries were striving for progress, some face greater challenges than others.
“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,” he said.
According to him, the renewed commitment is aligned with Nigeria’s development priorities, which include poverty reduction, economic modernisation, and industrialisation.
He emphasised that no African country should be left behind in the collective push for prosperity.
Responding to the gesture, Adesina commended Nigeria’s bold step and described it as a model of leadership in a time of urgent development needs.
“The 500 million dollars you have committed to the AfDB for the NTF will allow us to do balance sheet optimisation.
” It will provide hybrid capital, and mobilise more private capital for many low-income countries,” Adesina stated.
He added that expanding access to capital was crucial for these nations to grow their private sectors and reduce their debt burdens through more sustainable financing models
“Nigeria again is doing the right thing and showing the right leadership and commitment to the low-income countries in Africa,” he said.
The Nigeria Trust Fund, managed by the AfDB, was created to provide concessional financing for projects and programmes in low-income African countries.
With the latest replenishment, the Fund is expected to continue playing a critical role in strengthening development outcomes across the continent.
NTF was created in 1976 by agreement between the AfDB and the Nigerian Government.
The Fund is a self-sustaining revolving fund and its objective is to assist the development efforts of the Bank’s low-income regional member countries whose economic and social conditions and prospects require concessional financing.
Supplementary loans for Bank Group financed projects can also be considered.
Unlike the African Development Fund, NTF resources are allocated to projects, and not to countries. (NAN)
