The Federal Government of Nigeria has entered into a deal with the African Development Bank to replenish the Nigeria Trust Fund with $500 million, extending the Fund’s operations through 2040, in a daring attempt to strengthen private sector involvement throughout Africa and advance regional development.
The agreement was signed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a ceremony held on the sidelines of the AfDB Annual Meetings in Abidjan.
Outgoing AfDB President, Akinwumi Adesina, signed on behalf of the Bank.
The Nigeria Trust Fund was created in 1976 to provide low-income African nations with concessional financing for important development projects.
The replenishment marks a renewed commitment by Nigeria to continental solidarity and shared economic transformation principles central to President Bola Tinubu’s Renewed Hope Agenda.
According to Edun, the decision to replenish the Fund is both strategic and visionary.
“This is not just an act of generosity, it is a strategic investment in Nigeria’s future and the prosperity of our neighbours. A stronger continent means greater opportunity for our people and our businesses,” he stated.
The improvement fund is expected to catalyze investments with high impact, especially in areas such as infrastructure, agriculture, education and health.
It also paved the way for the increase in the Nigerian private sector commitment in regional development projects, promoting cross – border cooperation and growth included.
This decision comes at an important time while African countries work to rebuild and enhance their savings through cooperative financial mechanisms and sustainable development partnerships.
With this new financial commitment, Nigeria points out the leadership role in promoting economic stability and prosperity through the continent.