Nigeria Commits $500 Million Trust Fund to Boost Private Sector Growth Across Africa.
By Raymond Enoch
Nigeria has reaffirmed its commitment to continental development by replenishing the Nigeria Trust Fund (NTF) with an additional $500 million, extending its operational mandate through 2040. The agreement was signed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and outgoing African Development Bank (AfDB) President Dr. Akinwumi Adesina during the AfDB Annual Meetings in Abidjan.
Established in 1976, the NTF provides concessional finance to support critical development projects across low-income African countries. This latest replenishment underscores Nigeria’s unwavering dedication to African solidarity and economic transformation, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The replenished fund is poised to catalyze high-impact investments in infrastructure, agriculture, education, and health sectors. Notably, it will open new pathways for Nigerian private sector participation in cross-border development initiatives, fostering regional integration and shared prosperity.
Minister Edun emphasized that the replenishment is not merely an act of generosity but a strategic investment in Nigeria’s future and the prosperity of its neighboring countries. He stated, “A stronger continent means greater opportunity for our people and our businesses.”
This move aligns with Nigeria’s broader efforts to enhance its role in regional development and underscores the nation’s commitment to fostering sustainable economic growth across Africa.
The replenishment of the NTF is expected to bolster Nigeria’s influence in continental development initiatives and pave the way for increased private sector engagement in Africa’s growth trajectory.
