Nigeria has reaffirmed its commitment to Africa’s development by pledging an additional $500 million to the Nigeria Trust Fund (NTF), a concessional financing facility managed by the African Development Bank (AfDB). The announcement was made by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the signing ceremony at the 2025 AfDB Annual Meetings held in Abidjan on last week.
Edun described the contribution as a demonstration of Nigeria’s leadership and solidarity with low-income African countries, especially those facing economic instability and underdevelopment.
“This renewed support is a strong signal of Nigeria’s unwavering leadership in promoting economic progress across the continent,” Edun said. “While we are all striving for development, some of us face tougher challenges. The NTF is designed to lift the most vulnerable, and Nigeria is proud to play a leading role in that effort.”
He further disclosed that the NTF’s tenure has been extended to 2040, and Nigeria’s $500 million replenishment would be disbursed over time. The fund will continue to target poverty reduction, infrastructure development, and economic modernisation in less-developed African nations.
Edun also took the opportunity to honour the outgoing AfDB President, Dr. Akinwumi Adesina, commending his transformative leadership during his decade-long tenure.
“Dr. Adesina has elevated the Bank’s global profile and made it a beacon for development across the continent. We congratulate him on a successful and impactful term,” he said.
In his response, Dr. Adesina praised Nigeria’s renewed commitment to the Fund, calling it a timely intervention that would help unlock private capital for low-income countries.
“The $500 million pledge will significantly strengthen the AfDB’s capacity for balance sheet optimisation and hybrid capital mobilisation,” Adesina noted. “It is a powerful example of leadership in a time when Africa’s development needs are more urgent than ever.”
Established in 1976 through an agreement between Nigeria and the AfDB, the Nigeria Trust Fund provides concessional loans and financing for projects in low-income African countries. Unlike other AfDB facilities, the NTF allocates funding to specific projects rather than countries, offering support to both public and private sector initiatives.
Its revolving, self-sustaining structure allows for co-financing with other AfDB operations, the African Development Fund (ADF), and stand-alone development programmes. The fund aims to strengthen regional integration and development through inclusive growth initiatives.
With the latest contribution, the NTF is expected to continue playing a pivotal role in advancing social and economic outcomes across Africa, in line with Nigeria’s broader development priorities.