The Federal Government of Nigeria has reaffirmed its commitment to Africa’s economic progress with a renewed $500 million contribution to the Nigeria Trust Fund (NTF), a key financing vehicle managed by the African Development Bank (AfDB).
The pledge was officially announced by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the 2025 Annual Meetings of the AfDB in Abidjan, Côte d’Ivoire.
Describing the contribution as a symbol of Nigeria’s solidarity and leadership among low-income African nations, Edun emphasized the country’s dedication to shared prosperity and development.
“This fund is a critical pool of resources aimed at supporting less developed countries within our continent. We are all united in the pursuit of poverty reduction, economic industrialization, and modernisation, ensuring no one is left behind,” Edun stated.
Paying tribute to the outgoing AfDB President, Akinwumi Adesina, Edun lauded his transformative decade of leadership, which raised the Bank’s profile globally.
“We congratulate Dr. Adesina on a successful tenure that placed AfDB firmly on the world stage,” he added.
The $500 million replenishment will be disbursed over time, extending the NTF’s operational timeline to 2040, thereby enhancing its capacity to fund critical development projects.
In response, Adesina praised Nigeria’s commitment as a model of leadership amid pressing development challenges.
“Nigeria’s pledge will allow us to optimise our balance sheet, provide hybrid capital, and mobilise greater private sector investment for low-income countries,” Adesina said.
He highlighted the importance of expanding access to capital to enable vulnerable African economies to build private sectors and embrace sustainable financing.
Established in 1976 through a partnership between Nigeria and the AfDB, the Nigeria Trust Fund offers concessional financing dedicated to projects in low-income African countries. Unlike the broader African Development Fund, the NTF focuses on specific projects whether standalone public or private sector ventures, co-financing arrangements, or supplementary loans linked to AfDB initiatives.
With this latest infusion, the NTF is set to play an even more pivotal role in Africa’s sustainable development agenda in the years ahead.
