The President of the African Development Bank, Dr Akinwunmi Adesina says the Federal Government has renewed its agreement on the Nigeria Trust Fund (NTF) for an additional 10 years.
Adesina who made the announcement at the bank’s ongoing 44th Annual General Meeting in Busan, South Korea on Monday, said the development was communicated to the bank by the Minister of Finance, Kemi Adeosun.
The Fund created in 1976 by an agreement between the Bank Group and Nigeria as a self-sustaining revolving fund – is fashioned to assist the development efforts of the bank’s low-income regional member countries whose economic and social conditions and prospects require concessional financing.
Its initial capital of $80 million was replenished in 1981 with $71 million. In 2008, Nigeria and the bank agreed to a 10-year extension of the NTF.
According to him, the bank is evaluating the programme in appreciation of Nigeria’s gesture in assisting many countries and people across Africa.
On the theme of the meeting: “Accelerating Africa’s Industrialization,’’ the president said the right skills were needed by African countries to drive industrialization.
He urged Africa to invest in ICT, science and technology as well as make strong innovation to achieve knowledge-based economy.
Adesina called on African universities to make fundamental changes in their syllabuses to provide competent and specific skills needed by labour and key industries.
Stressing on the need for the change, the president said, “Insecurity arising from poverty and lack of employment in Africa must be addressed toward achieving rapid industrialization in the continent.’’
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