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.
It is described as a significant step towards promoting African economic growth and development.
Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun signed the agreement in Abidjan on the sidelines of the African Development Bank (AfDB) Annual Meetings, with outgoing AfDB President Dr. Akinwumi Adesina representing the Bank.
Mohammed Manga, Director Information and Public Relations Ministry of Finance in a statement said 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.
He said the Minister noted that the agreement is not just an act of generosity but a strategic investment in Nigeria’s future and the prosperity of her neighbours. He stressed that a stronger continent means greater opportunity for the people and their businesses.
Established in 1976, the Nigeria Trust Fund provides concessional finance to support critical development projects across low-income African countries. This latest replenishment, the statement adds, reaffirms Nigeria’s commitment to African solidarity and economic transformation—anchored in President Bola Ahmed Tinubu’s Renewed Hope Agenda.
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