Victor Ezeja
Nigeria and the African Development Bank (AfDB) have signed an agreement to replenish the Nigeria Trust Fund (NTF) with $500 million and extend its operation to 2040.
The agreement signing ceremony was done by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun and the outgoing AfDB President, Dr. Akinwumi Adesina, who represented the Bank.
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The event took place in Abidjan on the sidelines of the AfDB Annual Meetings.
The Nigeria Trust Fund was established in 1976 to offer concessional financing for important development initiatives in low-income African countries.
A statement from the Ministry of Finance said this latest replenishment reaffirms Nigeria’s commitment to African solidarity and economic transformation, anchored in President Bola Ahmed Tinubu’s Renewed Hope Agenda.
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The Fund will spur high-impact investments, especially in the fields of infrastructure, agriculture, health, and education, creating new avenues for the private sector in Nigeria to get involved in international development projects.
Mr Edun described the deal as a strategic investment in the future development projects both in Nigeria and its neighbours.
“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,” Edun stated.
