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Tag: AfDB

Nigeria leads AfDB’s agro-industrial drive across Africa

Nigeria has emerged as the leading beneficiary of the African Development Bank’s (AfDB) flagship Special Agro-Industrial Processing Zones (SAPZ) programme, which has expanded to 11 African countries, with 27 sites completed or under development.

Speaking at the groundbreaking ceremony of the Ijaiye SAPZ hub in Oyo State, Professor Banji Oyelaran Oyeyinka, Senior Special Adviser to former AfDB President, Akinwumi Adesina, described the expansion as the fulfillment of a vision initiated by Adesina in 2010 during his tenure as Nigeria’s Minister of Agriculture.

He said the initiative is part of a broader strategy to drive agro-industrial transformation across the continent through inclusive growth and rural development.

“In Nigeria, we have completed eight sites under SAPZ Phase One, with 28 more in the pipeline. But the programme is now continental, with 27 sites across 11 African countries. The journey continues.”

Prof Oyelaran Oyeyinka explained that Nigeria is set to implement SAPZs in seven states including Kaduna, Cross River, Oyo, Ogun, Kwara, Kano, and Imo, as well as in the Federal Capital Territory.

He added that the expansion aims to cover 23 additional states by 2027, backed by 538 million dollars in financing.

Read Also: African leaders shift focus to healthcare

Describing the SAPZ model as a strategic platform for transforming agriculture from subsistence to enterprise, he noted that the initiative clusters essential infrastructure such as roads, energy, and logistics around rural production centers to attract investment, stimulate agro-industrialisation, and generate large-scale employment.

“This programme is not just about agriculture. It is about lifting Africa out of poverty, creating employment, and promoting export-led growth. Too many of our people are stuck in low-income, subsistence farming. SAPZs will transform that.”

Prof Oyelaran Oyeyinka noted that the 300-hectare Oyo SAPZ would prioritise cassava, maize, poultry, soybeans, and horticulture.

He said it complements a 2,800-hectare agribusiness hub in Eruwa, supported by an additional 37 million dollars in AfDB investment.

He described Oyo State’s selection as strategic, citing its vast arable land, proximity to Lagos which is the largest market in West Africa, and strong transport infrastructure including the Obafemi Awolowo Railway Station and Ibadan Airport.

Calling for stronger governmental support, he urged African governments, particularly Nigeria’s, to create enabling policies for SAPZs.

He recommended granting Presidential Priority Project status and designating SAPZ locations as export free zones to encourage private sector participation.

“We must remember, government catalysed and private sector driven. That is the only way to build sustainable industrial zones in Africa. We cannot afford to repeat the past failures of government run special economic zones,” he cautioned.

Linking the SAPZ programme to Nigeria’s economic aspiration of becoming a one trillion dollar economy by 2030, he emphasised that achieving this would require accelerated structural reforms and substantial growth in GDP per capita.

“At the current growth rate of 3.13 percent, it will take 23 years to get there. But if we want to achieve that in 10 years, we must hit 14.7 percent GDP per capita growth. SAPZs are one of the practical pathways to make that leap,”

Drawing lessons from Asia, Prof Oyelaran Oyeyinka pointed out that China has nearly 3,000 industrial parks, Vietnam has over 700, and South Korea has more than 900. He called on African nations to scale up their industrialisation efforts accordingly.

“The vision is clear. We must build an Africa where rural prosperity is possible, jobs are plenty, and agriculture becomes a driver of transformation.”

August 5, 2025
Nigeria leads AfDB’s agro-industrial drive across Africa

Nigeria has emerged as the leading beneficiary of the African Development Bank’s (AfDB) flagship Special Agro-Industrial Processing Zones (SAPZ) programme, which has expanded to 11 African countries, with 27 sites completed or under development.

Speaking at the groundbreaking ceremony of the Ijaiye SAPZ hub in Oyo State, Professor Banji Oyelaran Oyeyinka, Senior Special Adviser to former AfDB President Akinwumi Adesina, described the expansion as the fulfilment of a vision initiated by Adesina in 2010 during his tenure as Nigeria’s Minister of Agriculture.

He said the initiative is part of a broader strategy to drive agro-industrial transformation across the continent through inclusive growth and rural development.

“In Nigeria, we have completed eight sites under SAPZ Phase One, with 28 more in the pipeline. But the programme is now continental, with 27 sites across 11 African countries. The journey continues.”

Professor Oyelaran Oyeyinka explained that Nigeria is set to implement SAPZs in seven states, including Kaduna, Cross River, Oyo, Ogun, Kwara, Kano, and Imo, as well as in the Federal Capital Territory.

He added that the expansion aims to cover 23 additional states by 2027, backed by 538 million dollars in financing.

Describing the SAPZ model as a strategic platform for transforming agriculture from subsistence to enterprise, he noted that the initiative clusters essential infrastructure such as roads, energy, and logistics around rural production centres to attract investment, stimulate agro-industrialisation, and generate large-scale employment.

Read Also: Shettima, AfDB president, Makinde breakground for Ijaiye Agribusiness devt hub

“This programme is not just about agriculture. It is about lifting Africa out of poverty, creating employment, and promoting export-led growth. Too many of our people are stuck in low-income, subsistence farming. SAPZs will transform that.”

Professor Oyelaran Oyeyinka noted that the 300-hectare Oyo SAPZ would prioritise cassava, maize, poultry, soybeans, and horticulture.

He said it complements a 2,800-hectare agribusiness hub in Eruwa, supported by an additional 37 million dollars in AfDB investment.

He described Oyo State’s selection as strategic, citing its vast arable land, proximity to Lagos, which is the largest market in West Africa, and strong transport infrastructure, including the Obafemi Awolowo Railway Station and Ibadan Airport.

Calling for stronger governmental support, he urged African governments, particularly Nigeria’s, to create enabling policies for SAPZs.

He recommended granting Presidential Priority Project status and designating SAPZ locations as export free zones to encourage private sector participation.

“We must remember, government catalysed and private sector driven. That is the only way to build sustainable industrial zones in Africa. We cannot afford to repeat the past failures of government run special economic zones,” he cautioned.

Linking the SAPZ programme to Nigeria’s economic aspiration of becoming a one trillion dollar economy by 2030, he emphasised that achieving this would require accelerated structural reforms and substantial growth in GDP per capita.

“At the current growth rate of 3.13 percent, it will take 23 years to get there. But if we want to achieve that in 10 years, we must hit 14.7 percent GDP per capita growth. SAPZs are one of the practical pathways to make that leap,”

Drawing lessons from Asia, Professor Oyelaran Oyeyinka pointed out that China has nearly 3,000 industrial parks, Vietnam has over 700, and South Korea has more than 900. He called on African nations to scale up their industrialisation efforts accordingly.

“The vision is clear. We must build an Africa where rural prosperity is possible, jobs are plenty, and agriculture becomes a driver of transformation.”

August 4, 2025
AfDB commits $1.2m to Nigeria Battery Energy storage system feasibility study

The African Development Bank (AfDB) has committed a $1.2m grant to kick-start the Nigeria Battery Energy Storage System Feasibility Study.

AfDB Nigeria Country Office, Director General, Dr Abdul Kamara, broke the news during the inaugural/inception workshop of the Feasibility Study in Abuja.

Chief Engineer, AfDB Nigeria Country Office, Engr. Chigoziri Egeruoh represented him at the event.

“This is why the Bank has committed a 1.2-million-dollar grant under the Africa Energy Transition Catalyst Programme to support this feasibility study,” he said.

He said the mission to bridge the energy gap is more urgent than in Nigeria, home to an estimated 90 million people still without access to electricity.

He said implemented through the Transmission Company of Nigeria, the project will assess grid integration, identify viable business and regulatory models to attract investment, and build the capacity needed for ownership and sustainability.

The AfDB representative explained that battery storage is no longer a luxury; it is a necessity.

He said as Nigeria’s grid evolves, storage offers real solutions to frequency stabilisation, reserve capacity, and peak load management, among others.

He added that technology alone will not carry the day because regulatory frameworks and investment environments must evolve to scale the innovations sustainably.

He said the stakeholders work toward the ambitious goal of connecting 300 million people to electricity by 2030 under the Mission 300 initiative, and battery energy storage emerges as a critical enabler.

AfDB revealed that Africa holds almost 60% of the world’s best solar resources, yet accounts for only 2% of global energy storage capacity.

He said that the gap presents a challenge, but more importantly, an opportunity. According to him, battery storage is central to unlocking the full potential of renewable energy resources and delivering stable, reliable power across the continent.

He said the continent is already seeing inspiring progress, as in South Africa, a 1,400MWH battery storage project is supporting grid stability and solar integration.

Similarly, he said in Kenya, the Olkaria geothermal-battery hybrid is delivering reliable energy to millions.

He, however, stressed that now, Nigeria is poised to take a bold step in that same direction.

Speaking, the Minister of Power, Chief Adebayo Adelabu, noted that the feasibility study is not just a technical exercise but also a strategic step towards further proving Nigeria’s power infrastructure.

He said the power sector is undergoing reforms, although challenges persist, particularly in the issues of power intermittency, limited dispatch ability of renewable energy, grid instability, and underutilised energy generation.

Adelabu, who is the Renewable Energy Assistant Director, Engr. Ben Anyagwu said with the increasing penetration of solar and wind energy in the energy mix, Nigeria must address the critical challenge of storage: storing electricity when generation exceeds demand and dispatching it when needed to maintain balance and reliability.

Continuing, the Battery Energy Storage System (BESS) provide the most practical and scalable solution to this challenge. They will play a pivotal role in: Enhancing grid stability and flexibility; reducing reliance on fossil-fuel-based peaking plants;

“Enabling deeper integration of renewables into both grid-connected and off-grid systems.

“Improving power quality and system reliability, especially during voltage or frequency disturbances; and ultimately extending access to clean energy in underserved and remote areas.”

Read Also: Former AfDB president Adesina expresses sorrow over Buhari’s death

Meanwhile, the Transmission Company of Nigeria (TCN), Managing Director, Engr. Sule Abdulaziz said for years the challenges of the firm have been frequency fluctuations, peak load pressures, and limitations in reactive power support.

Represented by the Transmission System Operation Executive Director, Olugbenga Ajiboye, he said the technical constraints affect every layer of the value chain.

Battery Energy Storage Systems, he said, offer Nigeria a powerful means to address the persistent challenges.

Abdulaziz said, for instance, the storage systems enable regulation, reserve capacity, and voltage support – directly strengthening grid performance and unlocking more efficient use of the country’s transmission assets.

July 30, 2025
Fed Govt, World Bank, AfDB, others move to unlock energy investments

The federal government is leading a global coalition of stakeholders aimed at unlocking further investments in the energy sector.

A high-level stakeholder engagement forum towards the implementation of the National Energy Compact under the Mission 300 initiative, which is a critical step towards tackling energy poverty, will hold today through the Federal Ministry of Power and the Federal Ministry of Finance, in collaboration with Sustainable Energy for All (SEforALL).

Tagged Mission 300, the initiative is championed by the World Bank Group and the African Development Bank, with key support from The Rockefeller Foundation, the Global Energy Alliance for People and Planet (GEAPP) and SEforALL.

The project is geared towards achieving the ambitious goal of connecting 300 million people across Africa to electricity by 2030, alongside other African countries, with Nigeria as one of twelve countries selected for the first phase of Mission 300 implementation.

Nigeria has committed to bold reforms to expand energy access, scale up renewable energy and attract private sector investment. To drive this effort, the government has established a high-level Compact Delivery and Monitoring Unit to oversee and coordinate the delivery of Mission 300 targets.

READ ALSO: Meet longest-serving Olubadan who ruled for 16 years

To propel coordinated action and unlock investment, the Compact Delivery and Monitoring Unit, through the Stakeholder Forum, will bring together senior government officials, development partners, and private sector leaders to discuss progress and showcase implementation efforts for Nigeria’s National Energy Compact, launched at the Dar es Salaam Energy Summit in January 2025.

The Compact outlines clear, investable targets: doubling the annual electricity access growth rate from 4.0 per cent to 9.0 per cent and increasing access to clean cooking solutions from 22 per cent to 25 per cent per year. These targets signal Nigeria’s commitment to achieving universal energy access by 2030 and creating a predictable, results-driven environment for energy investments.

The forum focuses on the five strategic pillars of Nigeria’s Mission 300 Compact, each designed to unlock investment and drive market transformation:

Infrastructure Rehabilitation and Expansion to create a bankable pipeline of grid and off-grid projects through least-cost planning and technical capacity building.

Last-mile access to open new markets by extending electrification to underserved communities. Clean cooking to promote the widespread adoption of clean cooking solutions to reduce reliance on traditional biomass fuels. Financially Viable Utilities to improve creditworthiness and attract capital into the power sector. Private Sector Participation through clear incentives, de-risking mechanisms, and enabling policies. Regional Integration to scale investment opportunities across borders and enhance power trade.

“Nigeria is showing real leadership in driving forward the ambition of Mission 300. Its progress shows what is possible when political will, bold reforms, and clear, investment-ready targets come together. The African Development Bank is proud to stand with Nigeria to help translate this ambition into reality, mobilizing funding, strengthening institutions, and unlocking private capital to ensure millions more gain access to reliable, affordable, and sustainable electricity.” said Wale Shonibare, Director, Energy Financial Solutions, Policy and Regulation, African Development Bank

Speaking ahead of the forum, the Honourable Minister of Power, reaffirmed the Federal Government’s commitment: “Mission 300 is more than an initiative – it is a transformative opportunity to reshape Nigeria’s energy future. We are committed to working with our partners to ensure affordable, reliable, and sustainable electricity for all Nigerians and we invite all stakeholders across government, development, private sector, and civil society to join this critical initiative to build an inclusive and resilient energy sector for Nigeria.”

The success of Mission 300 depends on bold partnerships and immediate action. This forum shows what’s possible when governments, business and development partners come together with urgency and purpose backed by significant and sustained investment,” Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy, said.

July 8, 2025
Okonjo-Iweala salutes Adesina’s legacy at AfDB

World Trade Organization (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, has paid a heartfelt tribute to Dr. Akinwumi Adesina as he concludes his ten-year tenure as president of the African Development Bank (AfDB), describing his leadership as historic and transformational for Africa’s development.

In a video message delivered to shareholders and delegates at the conclusion of the Bank’s 2025 Annual Meetings in Abidjan, Côte d’Ivoire, Okonjo-Iweala commended Adesina for steering the Bank through a period of unprecedented growth and relevance on the global development stage.

Reflecting on his accomplishments, the WTO Director-General pointed to the Bank’s capital expansion under Adesina’s leadership—from $93 billion to $318 billion—as a testament to the confidence he inspired among stakeholders and the strength of his development vision.

“He’s leaving a strong legacy behind of which he, Nigerians and all Africans, should be proud,” Okonjo-Iweala said, noting that Adesina’s signature “High 5s” development agenda had provided a clear roadmap for African countries seeking to achieve the goals of the African Union’s Agenda 2063.

The “High 5s”—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—have shaped the Bank’s operational focus over the past decade, delivering measurable impact in critical sectors across the continent.

Okonjo-Iweala praised the enduring influence of Adesina’s leadership both within the institution and across Africa, stating that his work had helped reposition the Bank as a respected and effective development partner. She encouraged the Bank and African governments to build on these gains, expressing optimism that with strategic focus and dedication, the continent could meet its most ambitious development targets.

She also acknowledged the importance of African ownership of the continent’s development, stressing the need for African nations to move beyond rhetoric and harness international interest to drive tangible investments.

Citing the African Investment Forum (AIF)—an initiative spearheaded by Adesina and eight partner institutions to connect projects to funding—Okonjo-Iweala lauded its contribution to advancing economic integration and mobilizing private capital for African infrastructure and development needs. She described the AIF as a powerful complement to the WTO’s own efforts to bolster Africa’s trade capacity and economic growth.

The WTO chief also extended her gratitude to African leaders, AfDB governors, executive directors, senior management, and staff who supported Adesina throughout his presidency. In a personal touch, she saluted his wife, Grace Adesina, for her steadfast support over the years, recognizing the often-unseen role played by spouses in demanding public service roles.

Recalling their joint service in the cabinet of former President Goodluck Jonathan, Okonjo-Iweala shared a personal story about Adesina’s reform-driven approach to agricultural development during his tenure as Nigeria’s Minister of Agriculture.

Read Also: Africa’s opportunity not aid, says Okonjo-Iweala

She recalled a challenge she gave Adesina to expand digital wallet access to one to two million more women farmers, with the promise of performance-based budget support. “He delivered—reaching two million more. That’s the kind of leader Akin is,” she said.

Okonjo-Iweala credited him with bringing “uncommon passion” to his work and creating lasting change for Nigerian farmers through innovative, technology-driven interventions. According to her, his efforts not only transformed agricultural financing in Nigeria but also laid the groundwork for broader systemic reforms in rural economies.

As Nigeria’s Finance Minister and the country’s AfDB Governor in 2015, Okonjo-Iweala played a pivotal role in Adesina’s campaign to lead the Bank, a position he assumed in September of that year. Since then, Adesina has overseen a period of significant evolution for the institution, championing reforms that elevated the Bank’s global standing.

June 5, 2025
BREAKING: Mauritania’s Sidi Ould Tah elected new AfDB president

Mauritania’s Sidi Ould Tah has been elected as the ninth president of the African Development Bank (AfDB) Group.

The AfDB announced his election on Thursday following rounds of voting by the Board of Governors during the Bank’s Annual Meetings in Abidjan, Côte d’Ivoire.

Read Also: Fed Govt’s economic reforms yielding results, says AfDB

Tah will officially assume office on September 1, 2025, succeeding Nigeria’s Dr Akinwumi Adesina, whose 10-year tenure concludes this year.

He emerged victorious ahead of four other contenders: Amadou Hott (Senegal), Samuel Maimbo (Zambia), Abbas Mahamat Tolli (Chad), and Swazi Tshabalala (South Africa).

The AfDB Board of Governors comprises finance ministers and central bank governors from the Bank’s 81 member countries.

Details shortly…

May 29, 2025
Fed Govt’s economic reforms yielding results, says AfDB

• Adesina lauds Tinubu over $500m for Trust Fund

The economic reforms rolled out by President Bola Tinubu’s government since May 2023 have boosted the country’s economy, the Africa Development Bank (AfDB) has said.

According to its African Economic Outlook 2025 released at its ongoing Annual Meetings in Abidjan yesterday, services contributed three-quarters growth to Nigeria’s Gross Domestic Product (GDP).

As a show of appreciation, AfDB President, Dr. Akinwumi Adesina, commended President Tinubu for authorising a $500 million replenishment of the Nigeria Trust Fund (NTF), extending the facility for another 15 years.

Adesina noted the significance of Nigeria’s contribution to the Fund’s longevity and its developmental purpose across the continent.

“To President Bola Tinubu, 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,” Adesina said.

READ ALSO: Neglected Lagos roads

The AFDB report attributed 13 per cent to industry growth, driven by higher oil production, which rose 2.8 per cent to 1.56 million barrels per day (bpd) last year.

It said that agriculture production supported by competitive domestic prices contributed nine per cent to GDP growth.

“Demand was moderated by suppressed consumption due to higher prices. Market determined petrol prices increased 77 per cent and the Naira weakened 42 per cent during 2024.

“Both key underlying factors contributed to inflation, which stood at 33.2 per cent in 2024, up from 24.7 per cent in 2023.

“To dampen inflation pressures, the Central Bank of Nigeria (CBN) tightened the policy rate to 27.5 per cent,” it said.

The report said that fiscal deficit of 3.9 per cent of GDP, which was marginally lower than 4.0 per cent in 202, was largely driven by increased non-oil revenue.

“Public debt increased to 52.3 per cent of GDP in 2024 from 41.5 per cent in 2023,’’ it said

According to the report, this is driven by a weaker Naira and increased public borrowing.

It said that the current account surplus increased to 9.2 per cent of GDP in 2024 from 1.6 per cent of GDP in 2023 as higher import prices lowered imports.

The report said the financial services sector initiated recapitalisation to align with the trillion-dollar economy agenda, while financial stability improved.

It said non-performing to gross loans ratios fell to 4.1 per cent mid-2024 from 4.4 per cent in 2023.

The NTF was established in 1976 through an agreement between the Federal Government of Nigeria and the AfDB. Its creation reflected Nigeria’s commitment to advancing economic and social development across low-income countries within the African region.

The Fund operates as a self-sustaining revolving financing mechanism designed to assist low-income regional member countries whose development circumstances necessitate concessional funding.

Resources from the NTF are used to finance projects either jointly with the African Development Fund (ADF) and AfDB or as independent interventions across public and private sectors.

One of the defining features of the NTF is that it allocates funding to specific projects rather than earmarking funds for countries, setting it apart from the African Development Fund. This targeted approach allows for strategic deployment of resources to initiatives with high developmental impact, ranging from infrastructure and agriculture to education and health.

The Fund’s structure is anchored in a legal arrangement where assets are held and managed by a trustee on behalf of its beneficiaries, ensuring transparency, sustainability, and accountability in resource application.

Over the decades, the NTF has supported critical development efforts in energy, transport, water supply and sanitation, and institutional capacity-building in several countries. It has also provided supplementary loans to Bank Group-financed projects, enhancing implementation and expanding project scope.

President Tinubu’s renewed commitment to the Fund is viewed as a reaffirmation of Nigeria’s leadership role in fostering continental development and promoting inclusive growth across Africa.

The $500 million replenishment is expected to bolster the Fund’s capacity to support transformative initiatives in countries grappling with limited access to finance and high development needs.

Adesina also extended gratitude to African heads of state, governments, and institutions that have supported his leadership and the Bank’s mission over the past decade.

He said: “May God bless the African Union and all the Regional Economic Communities, the private sector, civil society, youth and women of Africa, multilateral and bilateral institutions, partner institutions, and media organizations who supported us along the way.

“Together, we collectively joined hands around the Baobab tree of Africa’s challenges and opportunities. Thank you all for believing in Africa. May Africa always thrive and shine, and may our light never grow dim.”

The AfDB Annual Meetings bring together leaders, policymakers, development partners, and stakeholders to discuss pressing economic and development issues facing Africa.

This year’s gathering comes at a time when many African economies are recovering from the twin impacts of the COVID-19 pandemic and global economic shocks, with an increasing call for homegrown solutions and intra-African solidarity.

May 28, 2025
Nigeria’s economic reforms yielding results , says AfDB

The economic reforms rolled out by the Nigerian Government since May 2023 has boosted the country’s economy.

This is contained in the African Economic Outlook 2025 released by the Africa Development Bank (AfDB) at its ongoing Annual Meetings in Abidjan on Tuesday.

According to the report, services contributed three-quarters growth to Nigeria’s Gross Domestic Product (GDP) .

The report attributed 13 per cent to industry growth, driven by higher oil production, which rose 2.8 per cent to 1.56 million barrels per day in 2024.

It said that agriculture production supported by competitive domestic prices contributed nine per cent to GDP growth.

“Demand was moderated by suppressed consumption due to higher prices. Market determined petrol prices increased 77 per cent and the Naira weakened 42 per cent during 2024.

Read Also: Election of Adesina’s successor tops agenda as 6,000 AfDB delegate meet in Abidjan

“Both key underlying factors contributed to inflation, which stood at 33.2 per cent in 2024, up from 24.7 per cent in 2023.

“To dampen inflation pressures, the Central Bank of Nigeria (CBN) tightened the policy rate to 27.5 per cent,” it said.

The report said that fiscal deficit of 3.9 per cent of GDP, which
was marginally lower than 4.0 per cent in 202, was largely driven by increased non-oil revenue.

“Public debt increased to 52.3 per cent of GDP in 2024 from 41.5 per cent in 2023,’’ it said.

According to the report, this is driven by a weaker Naira and increased public borrowing.

It said that the current account surplus increased to 9.2 per cent of GDP in 2024 from 1.6 per cent of GDP in 2023 as higher import prices lowered imports.

The report said the financial services sector initiated recapitalisation to align with the trillion-dollar economy agenda, while financial stability improved.

It said that non-performing to gross loans ratios fell to 4.1 per cent mid-2024 from 4.4 per cent in 2023. (NAN)

May 27, 2025
Nigeria boosts Africa Development Bank with $500mn for trust fund

President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has commended President Bola Ahmed Tinubu for authorizing a $500 million replenishment of the Nigeria Trust Fund (NTF), extending the facility for another 15 years.

Adesina expressed his appreciation on Tuesday during the opening ceremony of the AfDB Annual Meetings in Abidjan, noting the significance of Nigeria’s contribution to the Fund’s longevity and its developmental purpose across the continent.

“To President Bola Tinubu, for your support over the past two years, I am profoundly grateful,” Adesina said. “Thank you for graciously approving the replenishment of the Nigeria Trust Fund for another 15 years for $500 million.”

The Nigeria Trust Fund was established in 1976 through an agreement between the Federal Government of Nigeria and the African Development Bank. Its creation reflected Nigeria’s commitment to advancing economic and social development across low-income countries within the African region.

The Fund operates as a self-sustaining revolving financing mechanism designed to assist low-income regional member countries whose development circumstances necessitate concessional funding.

Resources from the NTF are used to finance projects either jointly with the African Development Fund (ADF) and AfDB or as independent interventions across public and private sectors.

One of the defining features of the NTF is that it allocates funding to specific projects rather than earmarking funds for countries, setting it apart from the African Development Fund.

This targeted approach allows for strategic deployment of resources to initiatives with high developmental impact, ranging from infrastructure and agriculture to education and health.

The Fund’s structure is anchored in a legal arrangement where assets are held and managed by a trustee on behalf of its beneficiaries, ensuring transparency, sustainability, and accountability in resource application.

Read Also: Election of Adesina’s successor tops agenda as 6,000 AfDB delegate meet in Abidjan

Over the decades, the NTF has supported critical development efforts in energy, transport, water supply and sanitation, and institutional capacity-building in several countries. It has also provided supplementary loans to Bank Group-financed projects, enhancing implementation and expanding project scope.

President Tinubu’s renewed commitment to the Fund is viewed as a reaffirmation of Nigeria’s leadership role in fostering continental development and promoting inclusive growth across Africa.

The $500 million replenishment is expected to bolster the Fund’s capacity to support transformative initiatives in countries grappling with limited access to finance and high development needs.

Adesina also extended gratitude to African heads of state, governments, and institutions that have supported his leadership and the Bank’s mission over the past decade.

He said, “May God bless the African Union and all the Regional Economic Communities, the private sector, civil society, youth and women of Africa, multilateral and bilateral institutions, partner institutions, and media organizations who supported us along the way.

“Together, we collectively joined hands around the Baobab tree of Africa’s challenges and opportunities. Thank you all for believing in Africa. May Africa always thrive and shine, and may our light never grow dim.”

The AfDB Annual Meetings, currently taking place in Abidjan, bring together leaders, policymakers, development partners, and stakeholders to discuss pressing economic and development issues facing Africa.

This year’s gathering comes at a time when many African economies are recovering from the twin impacts of the COVID-19 pandemic and global economic shocks, with an increasing call for homegrown solutions and intra-African solidarity.

May 27, 2025
Election of Adesina’s successor tops agenda as 6,000 AfDB delegate meet in Abidjan

No fewer than 6,000 delegates have converged on Abidjan for the African Development Bank (AfDB) Group’s 2025 Annual Meetings.

The News Agency of Nigeria (NAN) reports that a key highlight of the meetings will be the election of a new AfDB President to succeed Dr Akinwumi Adesina, whose second five-year term ends on August 31.

The event which will officially open on Tuesday marks the opening of strategic discussions with the theme: “Making Africa’s Capital Work Better for Africa’s Development.”

Participants include African Heads of States and Governments, Finance Ministers, Central Bank Governors, private sector leaders, development partners, and civil society representatives, among others.

The theme calls for stronger mobilisation of Africa’s vast human, financial, and natural capital to drive inclusive growth, economic transformation, and sustainable development across the continent.

According to the event programme obtained by NAN, the meetings come amid major shifts in global trade, with 47 African countries affected by new U.S. tariffs and adjustments to development financing flows.

Read Also: GDP growth: Presidency counters AfDB chief’s claim that Nigeria was better off in 1960

“In this context, participants are expected to deliberate on strengthening regional markets, deepening value chains, and positioning Africa as a self-sustaining global player.

“Sessions throughout the week will address financing infrastructure, climate action, food security, digital innovation, and private sector engagement,’’.

NAN reports that outcomes from the meetings will help guide policy frameworks, partnerships, and investment strategies that reflect Africa’s evolving economic landscape.

(NAN)

May 26, 2025