FG commits $500m to AfDB fund as Tinubu congratulates Sidi Ould Tah

President Bola Tinubu has congratulated President Mohamed Ghazouani of Mauritania on the election of Sidi Ould Tah as the ninth president of the African Development Bank (AfDB) Group.

Tah was elected on Thursday at the annual meetings of the African Development Bank (AfDB) Group, held in Abidjan, Côte d’Ivoire.

Prior to the development, he was a former finance minister in Mauritania and director-general of the Arab Bank for Economic Development in Africa (BADEA).

After his election on Thursday, the presidency said Tinubu commended the transparent process that led to the emergence of Tah on a telephone conversation from Lagos with the Mauritanian leader.

“Tah will succeed Dr Akinwumi Adesina of Nigeria, who will step down in September after completing two five-year terms,” the statement reads.

“President Tinubu believed that Dr Tah would bring a wealth of experience to the role, given his track record in former positions.

“President Tinubu 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.”

The presidency disclosed that Nigeria recently approved a $500 million capital replenishment for the Nigeria trust fund (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,” the statement said.

“This renewed commitment underscores Nigeria’s continued dedication to the Bank’s mission of driving inclusive growth and poverty reduction on the continent.”

The presidency said Tinubu also 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 also appreciated Akinwumi Adesina, the outgoing AfDB president, and wished him success in his future endeavours.