Nigeria Commits $500mn to AfDB Trust Fund, Extending Support for 15 Years
By Patience Ikpeme
Dr. Akinwumi Adesina, President of the Africa Development Bank (AfDB), has lauded President Bola Tinubu for approving a significant $500 million replenishment of the Nigeria Trust Fund (NTF), extending its operation for another 15 years.
The Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun signed the agreement while Adesina conveyed his appreciation during the opening of the AfDB Annual Meetings on Tuesday in Abidjan. “To President Bola Tinubu for your support over the past two years, I am profoundly grateful. Thank you for graciously approving the replenishment of the Nigeria Trust Fund for another 15 years for 500 million dollars,” Adesina stated.
The Minister noted that the agreement “is not just an act of generosity—it is a strategic investment in Nigeria’s future and the prosperity of our neighbours.” Stressing that, “A stronger continent means greater opportunity for our people and our businesses.”
The NTF, established in 1976 through an agreement between the AfDB and the Nigerian Government, plays a crucial role in supporting various social and economic development projects across the continent. This decision by the Nigerian government forms part of its broader efforts to bolster the fund, which operates as a self-sustaining revolving fund. Its purpose is to aid the development initiatives of the Bank’s low-income regional member countries that require concessional financing due to their economic and social conditions and prospects.
The resources of the NTF can be used to co-finance operations alongside the AfDB and the African Development Fund (ADF). It can also fund stand-alone operations in both the public and private sectors. Additionally, supplementary loans for projects financed by the Bank Group can be considered. A key distinction of the NTF is that its resources are allocated to specific projects rather than to individual countries, unlike the African Development Fund.
Beyond the Nigerian government’s contribution, Dr. Adesina also extended his gratitude to heads of states and governments across Africa for their consistent support for him and his colleagues over the past decade while managing the affairs of the bank.
“May God bless the African Union and all the Regional Economic Communities, the private sector, civil society, youth and women of Africa, multilateral and bilateral institutions, partner institutions, and media organizations who supported us along the way,” Adesina remarked. He added, “Together, we collectively joined hands around the Baobab tree of Africa’s challenges and opportunities. Thank you all for believing in Africa. May Africa always thrive and shine, and may our light never grow dim.”
