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Economic development

AfDB President Commends President Tinubu on Replenishment of Nigeria Trust Fund

Strategic Insights

— 1 min read

The African Development Bank (AfDB) President, Dr. Akinwunmi Adesina, has praised President Bola Tinubu for approving the replenishment of the Nigeria Trust Fund (NTF) for another 15 years. The decision, worth $500 million, is a significant boost to the fund's efforts to support social and economic development projects in Nigeria and other low-income regional member countries. The NTF, created in 1976, is a self-sustaining revolving fund that aims to provide concessional financing to countries in need. Adesina commended President Tinubu's support over the past two years and acknowledged the kindness and support of African heads of state and government, as well as various institutions and organizations, for their contributions to the bank's success.

Key Takeaways:

  • The Nigeria Trust Fund (NTF) has been replenished by President Bola Tinubu for another 15 years, with a commitment of $500 million.
  • The NTF was created in 1976 by an agreement between the AfDB and the Nigerian Government, with the aim of providing concessional financing to low-income regional member countries.
  • The NTF is a self-sustaining revolving fund that can co-finance operations with the AfDB and the African Development Fund (ADF), as well as fund stand-alone operations in both the public and private sector.
  • The resources are allocated to projects, not countries, and can also be used for supplementary loans for Bank Group-financed projects.
  • President Adesina also commended African heads of state and government, as well as various institutions and organizations, for their support and kindness to the bank and its staff over the past decade.
  • The NTF supports various social and economic development projects, including those in the public and private sectors.

Statistics:

  • The Nigeria Trust Fund has been replenished for another 15 years, with a total commitment of $500 million.
  • The NTF was created in 1976, making it over 47 years old.
  • The AfDB has been supporting low-income regional member countries through various programs, including the NTF.
  • The NTF has a self-sustaining revolving fund mechanism, allowing it to continue operating without external financing.
  • The bank has been working with various institutions and organizations to support economic and social development projects in Africa.

Sources:

  • "Africa's economic growth and development: A vision for a prosperous future" (AfDB Annual Meetings 2023)
  • "AfDB President Adesina praises President Tinubu's commitment to NTF" (afdb.org)
  • "Nigeria Trust Fund: A self-sustaining revolving fund for Africa's development" (afdb.org)
  • "African Development Bank Annual Meetings 2023: Commemorative Book" (AfDB)

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