In a significant step towards promoting African economic growth and development, the Federal Government has signed a landmark agreement with the African Development Bank (AfDB) to replenish the Nigeria Trust Fund (NTF) with $500 million and extend its operation through to 2040.
The 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.
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Established in 1976, the Nigeria Trust Fund provides concessional finance to support critical development projects across low-income African countries.
According to Mohammed Manga, Director of Information and Public Relations, 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.
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