The Federal Government of Nigeria has approved a fresh $500 million to replenish the Nigeria Trust Fund (NTF) at the African Development Bank (AfDB), thereby extending the facility for another 15 years.
ThePresident of the AfDB, Dr. Akinwumi Adesina, made this disclosure during his opening remarks at the ongoing AfDB Annual Meetings in Abidjan and commended President Bola Tinubu and Vice President, Sen. Kashim Shettima, for Nigeria’s continued support for the multilateral development finance institution.
He said: “To President Bola Ahmed Tinubu and to Vice President Kashim Shettima, for your support over the past two years, I am profoundly grateful. Thank you for graciously approving the replenishment of the Nigeria Trust Fund for another 15 years for $500 million.”
The Nigeria Trust Fund (NTF) was set up in 1976 through an agreement between the Nigerian government and the AfDB Group as a revolving fund that sustains itself over time and designed to support the development of low-income African countries in need of concessional financing.
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Based on the terms of its set up, the Fund can be used either to co-finance projects alongside the African Development Bank and the African Development Fund (ADF) or to finance projects independently. The NTF supports both public and private sector initiatives and can also be used to top up funding for ongoing AfDB Group-backed projects.
While the ADF allocates funds to countries, the NTF is tied to specific projects, which allows for more flexible, needs-based support where it is most effective.
