Nigeria has reiterated its dedication to Africa’s economic growth with a fresh $500 million pledge to the Nigeria Trust Fund (NTF).
Happening now at #AfDBAM2025:
Signing of agreements between @NigeriaGov and @AfDB_Group on the extension of the Nigeria Trust Fund (NTF) (est 1976) to 2040 and the replenishment for US$500m.
HM/CME Wale Edun @FinMinNigeria signing for FGN and Dr @akin_adesina signing for AfDB. pic.twitter.com/EoCveHx3FY
— Tolu Ogunlesi, MON (@toluogunlesi) May 29, 2025
This was announced by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, during the official signing at the African Development Bank (AfDB) Annual Meetings 2025 held in Abidjan on Thursday.
Edun described the contribution as a clear sign of Nigeria’s leadership in supporting low-income African nations. He also paid tribute to the outgoing AfDB President, Dr Akinwumi Adesina, praising his decade-long leadership in elevating the Bank’s international standing.
“We congratulate Dr Adesina on a highly successful ten-year tenure. He significantly raised the AfDB’s profile, positioning it firmly on the global stage,” Edun said.
Regarding the NTF, Edun revealed Nigeria’s plan to inject $500 million over time and extend the Fund’s tenure to 2040.
“The NTF provides essential support to the least developed countries among us. As developing nations, we all strive to reduce poverty and advance industrialisation and modernisation without leaving anyone behind,” he added.
The minister emphasised that while all African countries aim for progress, some face greater challenges. “The NTF is designed to help the most vulnerable, and Nigeria is proud to lead this effort as a key partner of the AfDB.”
Dr Adesina commended Nigeria’s bold move, describing it as exemplary leadership amid urgent development needs. He said the $500 million commitment would enable balance sheet optimisation, provide hybrid capital, and mobilise private investments for many low-income countries.
“This support is critical for expanding private sector growth and promoting sustainable financing models to reduce debt burdens,” Adesina noted.
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The Nigeria Trust Fund, established in 1976 by an agreement between the AfDB and the Nigerian government, offers concessional financing for projects in low-income African countries. Unlike the African Development Fund, NTF resources are allocated to projects rather than specific countries, and can co-finance operations with the AfDB and African Development Fund, or fund standalone initiatives in both public and private sectors.
With this replenishment, the NTF is set to continue playing a vital role in advancing development outcomes across Africa.
