FG Signs Agreement With AfDB To Replenish $500m Trust Fund
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has signed a landmark agreement with the African Development Bank (AfDB) to replenish the Nigeria Trust Fund (NTF) with $500m and extend its operation through to 2040.
The signing ceremony took place in Abidjan on the sidelines of the AfDB Annual Meetings, with outgoing AfDB President Dr Akinwumi Adesina representing the Bank.
Established in 1976, the Nigeria Trust Fund provides concessional finance to support critical development projects across low-income African countries.
It provides concessional financing for projects and programmes in low-income African countries.
Unlike the African Development Fund (ADF), NTF resources are allocated to specific projects rather than countries.
They can be used for stand-alone public or private sector operations, co-financing with the AfDB and ADF, or as supplementary loans for bank-financed projects.
This latest replenishment reaffirms Nigeria’s commitment to African solidarity and economic transformation, anchored in President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Importantly, the Fund will catalyse high-impact investments, particularly in infrastructure, agriculture, education, and health, opening new pathways for Nigerian private sector participation in cross-border development initiatives.
Speaking on the agreement, the minister said it would boost inclusive development in Nigeria.
“This is not just an act of generosity; it is a strategic investment in Nigeria’s future and the prosperity of our neighbours. 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 optimisation.
“It will provide hybrid capital and mobilise 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.
He noted that expanding access to capital is crucial for these nations to develop their private sectors and adopt sustainable financing models.
“Nigeria is once again demonstrating the right leadership and commitment to Africa’s most vulnerable economies,” he added.
FG Signs Agreement With AfDB To Replenish $500m Trust Fund is first published on The Whistler Newspaper
