Nigeria has reaffirmed its commitment to Africa’s economic development with a fresh $500 million contribution to the Nigeria Trust Fund.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced this at the official signing of the agreement at the African Development Bank’s meeting 2025 at Abidjan on Thursday.
Mr Edun said the gesture was a strong signal of Nigeria’s leadership in supporting low-income African countries. He also used the opportunity to pay tribute to the outgoing AfDB president, Akinwumi Adesina, whom he praised for steering the Bank to new heights over the past decade.
On the renewed commitment to the fund, Mr Edun disclosed that Nigeria would inject $500 million into the NTF over time and had extended the fund’s tenure to 2040.
“We know it is a poll of funds to help the less developing countries among us. We are all developing countries. We are all striving to achieve the reduction of poverty and improvement of our lives and people and indeed the industrialisation and modernisation of our economy. We must try not to leave anyone behind,” he said.
Mr Edun added, “The NTF is there to help the least stable among us, and Nigeria is proud to provide that leadership to Africa and to be an integral part of the AfDB.”
According to him, the renewed commitment is aligned with Nigeria’s development priorities, which include poverty reduction, economic modernisation, and industrialisation.
Responding to the gesture, Mr Adesina commended Nigeria’s bold step and described it as a model of leadership in a time of urgent development needs.
“The $500 million you have committed to the AfDB for the NTF will allow us to do balance sheet optimisation. It will provide hybrid capital and mobilise more private capital for many low-income countries,” Mr Adesina stated.
He added that expanding access to capital was crucial for these nations to grow their private sectors and reduce their debt burdens through more sustainable financing models.
“Nigeria again is doing the right thing and showing the right leadership and commitment to the low-income countries in Africa,” he said.
The NTF, managed by the AfDB, was created to provide concessional financing for projects and programmes in low-income African countries.
With the latest replenishment, the Fund is expected to continue playing a critical role in strengthening development outcomes across the continent.
(NAN)