Nigeria has reaffirmed its commitment to Africa’s economic growth by pledging a fresh $500 million contribution to the Nigeria Trust Fund (NTF), managed by the African Development Bank (AfDB). The announcement was made by Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, during the official signing ceremony at the 2025 AfDB Annual Meeting in Abidjan.
Edun highlighted that this renewed commitment signals Nigeria’s leadership in supporting low-income African nations and aligns with the country’s priorities of poverty reduction, economic modernization, and industrialization. He noted that the new funds would be disbursed over time and that the NTF’s tenure has been extended to 2040.
“We know it is a pool of funds to help the less developed countries among us. 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,” Edun stated.
He also paid tribute to outgoing AfDB President Akinwumi Adesina for his decade of impactful leadership at the Bank.
In response, Adesina praised Nigeria’s bold step, describing it as a model of leadership at a time of urgent development needs for Africa. He explained that the $500 million commitment would enable the AfDB to optimize its balance sheet, provide hybrid capital, and mobilize more private investment for low-income countries helping them grow their private sectors and manage debt more sustainably.
The Nigeria Trust Fund, established in 1976, provides concessional financing for projects and programs in Africa’s least developed countries. With this latest replenishment, the Fund is expected to continue playing a crucial role in advancing development across the continent.
