Nigeria commits to fresh $500 million NTF contribution to AfDB

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)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Politics
2027 Election: Tinubu will get more votes in Kebbi, Gov Idris promises
Governor Nasir Idris has assured President Bola Tinubu of unshakable support from the people of Kebbi in 2027.

States
Zulum gives N5 million each to families of eight slain CJTF members
“I want to announce a financial assistance of N5 million to each of the bereaved families to cater for their immediate needs,” said Mr Zulum.

Health
FG inaugurates committee for Ogoni hospital
Mr Zabbey said the committee’s formation marked a major step towards making the hospital operational within the proposed timeline.

Sport
Musa leaves Eagles camp in London, returns to Nigeria for personal reasons
Nigeria will play Jamaica on Saturday in the final of the 2025 Unity Cup. The Jamaicans defeated their Trinidad and Tobago counterparts 3-2 to book a place in Saturday’s final.

Showbiz
Kizz Daniel releases new EP ‘Lemon Chase’
According to him, each track on the EP reflects a different piece of that emotional puzzle.

Politics
Minister advocates stronger female voices in governance
“The reason why we are here is because we want what is best for ourselves, for the Nigerian women, for our community, for our families,” said the minister.