The Federal Government of Nigeria has signed a landmark agreement with the African Development Bank (AfDB) to replenish the Nigeria Trust Fund (NTF) with $500 million and extend its operations until 2040.
The agreement was signed in Abidjan by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on the sidelines of the AfDB Annual Meetings. Outgoing AfDB President, Dr. Akinwumi Adesina, signed on behalf of the Bank.
Established in 1976, the NTF provides concessional financing to support development projects in low-income African countries.
According to a statement issued by the Spokesperson of the Ministry of Finance, Mohammed Manga, the fresh injection of $500 million demonstrates Nigeria’s commitment to continental economic growth and integration in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The statement said the replenished fund will catalyse high-impact investments in key sectors including infrastructure, agriculture, education, and health. It also aims to bolster Nigerian private sector involvement in regional 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,” he said.
