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The African Development Bank Group and the Federal Government of Nigeria have signed a protocol agreement committing USD500 million over 15 years to extend the Nigeria Trust Fund (NTF), providing long-term business continuity and planning certainty through 2040.

This extension comes after multiple previous renewals, reflecting the enduring value and relevance of Nigeria’s partnership with the African Development Bank.

Dr Akinwunmi Adesina, President of the African Development Bank Group said that the commitment will allow the Bank’s ability to expand hybrid capital instruments, increase securitization, and scale up private sector operations. This move is expected to mobilize more private capital for low-income countries. “Nigeria’s decision today proves that Nigeria is always on the right side. The NTF is the largest we have at the African Development Bank, which is part of the Bank. It helps to co-finance operations in many countries, as well as feasibility studies for some other countries.” he added

The agreement also enables deployment of resources from the fund in innovative treasury, structuring, and other transactions, including balance sheet optimization, structured finance, and catalytic risk-sharing solutions.

The Bank and Nigerian authorities are working on new financial products, updating approval processes, and developing a communications strategy to raise visibility for Nigeria’s contributions.

The Nigeria Trust Fund serves as a fully-fledged financial window of the AfDB. Since its creation, the NTF has financed 92 projects in 33 countries. The Fund has played a crucial role in filling financing gaps in high-impact sectors, particularly in the continent’s least developed countries.

 


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Ethiopian Engineering Corporation (EEC) reported a 60% year-over-year revenue growth, reaching 5.5 billion ETB in the first nine months of the 2024/25 fiscal year. The state-owned enterprise delivered 96 design projects, 251 contract supervision assignments, and 36 construction projects—achieving 88% physical and 101% financial performance.

The figures were presented during a high-level performance dialogue and site visit led by Ethiopian Investment Holdings (EIH) at EEC headquarters. The review focused on operational performance, strategic investment planning, and market diversification.

Among the 54 completed design and supervision projects and 22 completed construction projects are critical national developments, including the Sendafa Forensic DNA Laboratory, Bole Arabsa Wastewater Treatment Plant, National Bank Cash Center, Phase I Corridor Development, and initiatives under the “Dine for Generation” program.

EEC’s international expansion into Tanzania and Nigeria with road and water engineering consultancy services signals growing regional ambition. The company’s performance reflects its operating ethos—“Collaboration, Innovation & Deliver”—and underscores its role in Ethiopia’s infrastructure modernization.

EIH commended the results while urging EEC to deepen its focus on long-term investments, diversify its financing sources, and strengthen its foothold in foreign markets to broaden its client base and reduce overreliance on public contracts.

 




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