The Federal Government has signed agreement with the African Development Bank (AfDB) to replenish the Nigeria Trust Fund (NTF) with $500 million and extend its operation through to 2040.
Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun signed the agreement in Abidjan on the sidelines of the AfDB Annual Meetings, with outgoing AfDB President Dr. Akinwumi Adesina representing the Bank, according to statement issued by Director of information in the ministry Mohammed Manga.
Established in 1976, the Nigeria Trust Fund provides concessional finance to support critical development projects across low-income African countries. 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.
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.”
Meanwhile, Wale Edun met with the President-Elect of the African Development Bank (AfDB), Dr. Sidi Ould Tah, on the sidelines of the Bank’s Annual Meetings in Abidjan.
The meeting was a courtesy call to extend warm congratulations on behalf of President Bola Ahmed Tinubu and the Federal Republic of Nigeria.
Dr. Tah’s hard-earned and decisive victory follows a strong show of continent-wide consensus, with Nigeria playing a pivotal role in rallying African shareholders to act in unison during the electoral process.
Edun welcomed Dr. Tah’s focus on continuity and results, and reaffirmed Nigeria’s commitment to deepening its partnership with the AfDB under his leadership.
As the institution enters a new chapter, the Federal Government expressed its readiness to work hand-in-hand with the incoming President—not only for Nigeria’s national development, but to advance inclusive growth and shared prosperity across the African continent.
As the AfDB embarks on a new chapter under Dr. Tah’s leadership, Nigeria looks forward to a strengthened partnership that will drive inclusive growth, shared prosperity, and continental development.
