The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the outgoing President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, have reaffirmed that the newly approved $500 million replenishment of the Nigeria Trust Fund (NTF) will catalyse private capital inflows into low-income and fragile African states.
The amendment to the protocol agreement establishing the NTF was signed in Abidjan on Thursday by Edun and Adesina on the sidelines of the AfDB Annual Meetings.
Established in 1976, the NTF is a concessional loan window created by Nigeria within the AfDB to offer soft financing for the continent’s most vulnerable economies. The latest funding injection, to be disbursed in tranches, also extends the life of the Fund to 2040.
Also, the Director General of the Arab Bank for Economic Development in Africa (BADEA), Dr. Sidi Ould Tah of Mauritania has been elected as the new President of the AfDB, ushering in a fresh chapter for the continent’s premier development finance institution.
After three tense rounds of voting, Ould Tah clinched the top seat with 76 per cent of delegate votes, becoming the 9th president of the Bank since its establishment in 1967.
Speaking at the signing, Edun first praised Adesina’s transformative tenure, calling it a decade of global impact for the Bank.
“We congratulate and felicitate with Dr. Akinwumi Adesina on a most successful tenure of ten years. He raised the international profile and public persona of the AfDB, putting it firmly on the world stage,” Edun said.
On Nigeria’s renewed commitment to the Fund, he added: “The NTF was first established in 1976 and Nigeria is proud to be replenishing for the sum of $500 not all at once but also in good time and also extending to 2040 the tenure of the fund. We know it is a pull of funds to help the less developing countries amongst us.
“We are all developing countries and 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.
“The NTF is there to help the least stable amongst us and Nigeria is proud to provide that leadership to Africa and to be an integral part of the AfDB,” he said.
Adesina, in response, said Nigeria had once again demonstrated bold leadership in the face of Africa’s development challenges.
He said: “The $500 million that you have committed to the AfDB for the NTF would allow us to do balance sheet optimisation, more hybrid capital and mobilise more private capital for many low-income countries because they would not get very far if they cannot expand their private sector. So, Nigeria again is doing the right thing and showing the right leadership and commitment to the low-income countries in Africa.
“And of course, as these countries have more resources, they would reduce their debt because they can mobilise more private capital.”
Meanwhile, the new president-elect of AfDB, Ould Tah would be bringing over with him over 30 years of experience in public service, multilateral institutions, and development finance.
Ould Tah began his career in 1984 at the Mauritanian Bank for Development and Commerce (BMDC) and later held roles at the Food Security Commission and Municipality of Nouakchott.
He also served as Advisor to the Director General and Head of Internal Auditing at the Nouakchott Port Authority. His regional experience includes a stint as a Financial Analyst at the Arab Authority for Agricultural Investment and Development (AAAID) in Sudan and senior positions at the Islamic Development Bank, where he was Technical Assistant to the President.
On the political front, Ould Tah was economic advisor to both the President and Prime Minister of Mauritania from 2006 to 2008, before serving as Minister of Economy and Finance and later as Minister of Economic Affairs and Development.
In his address, he acknowledged the weight of the role and expressed gratitude to the African nations that supported his candidacy, stating, “Now let’s go to work, I’m ready,” he stated.
Also, President Bola Tinubu has felicitated his Mauritanian counterpart, Mohamed Ould Cheikh El Ghazouani, on the election of Ould Tah as the ninth President of the AfDB Group.
Tah will succeed Adesina of Nigeria, who will step down in September after completing two five-year terms.
In a telephone conversation from Lagos with the Mauritanian leader on Thursday afternoon, after Tah’s election at the AfDB’s Annual Meetings in Abidjan, Côte D’Ivoire, the
President, in a release issued by his Adviser on Information and Strategy, Bayo Onanuga, commended the transparent process that led to the emergence of the former Mauritanian Finance Minister.
President Tinubu believed that Dr Tah would bring a wealth of experience to the role, given his track record in former positions.
He reaffirmed Nigeria’s strong partnership with the AfDB, emphasising its status as the institution’s largest shareholder among its member countries, comprising 54 African nations and 27 non-African states.
The President restated his commitment to working closely with the incoming AfDB president to advance shared priorities, including infrastructure development, agricultural transformation, energy access, and climate resilience.
Nigeria recently approved a $500 million capital replenishment for the NTF in May 2025, extending the fund’s operations by another 15 years. Established in 1976, the NTF is a special AfDB fund fully financed by Nigeria to support development projects across Africa.
Tinubu pledged Nigeria’s full support for Tah in implementing his vision for the institution, including strengthening regional financial institutions, promoting Africa’s economic independence, leveraging population growth for development, and building climate-resilient infrastructure.
Tinubu thanked the outgoing President, Adesina, and wished him success in his future endeavours.
Also on Thursday, ex-President Muhammadu Buhari rejoiced with Adesina on his completion of two terms as Managing Director of the AfDB, saying that he is happy with the enormous success achieved at the end of his tenure, and is glad to have supported his emergence as the helmsman of the bank in the first and second instances.
Buhari, in a release issued by his spokesperson, Mallam Garba said: “I have seen Dr. Adesina, a son of Nigeria, put up a spectacular performance in the African Development Bank after two terms.
“As his tenure ends and a successor is emerging, records show that he has set such a great, unmatched record of excellence, leaving shareholders far happier than they had ever been. I am happy with the role I played in bringing his talent forward.”
He emphasised how hard work, discipline, and dedicated training made Adesina what he is today, saying the outgoing AfDB president “is blessed with a special talent, combined with hope, faith, a firm resolve and confidence, with which he overcame all odds to stand out as a beacon of inspiration to others.”
Deji Elumoye and Nume Ekeghe
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