Nations Draw N57.3bn From Nigeria FundFrom Cletus Akwaya in Abuja, 12.27.2004


Nigeria Trust Fund (NTF), a development Fund fully financed by Nigeria and managed by the African Development Bank (ADB) has disbursed a total UA 295.31 million or $430.857 million (about N57.303billion) to 30 small and   less privileged countries in Africa since inception in 1976 to date.
The Fund was created by Nigeria as part of the country's contribution to stimulate development, especially provision of infrastructure and other basic amenities, in less endowed African countries.
Loans under the Fund attract little or no interests sometimes as little as less than 1 per cent with a moratorium of up to 10 years and repayable over a long period of time. Nigeria has since the inception of the Fund remained the only contributor and has fully paid up her   contributions to date.
Also, the NTF approved UA 22.51 million or $32.84 million (about N4.367billion) for projects in five countries in 2003.
Statistics obtained from the ADB country office in Nigeria showed that the money was disbursed to the beneficiary countries in 69 different loan packages.
The statistics showed that Benin, Burundi, Lesotho and Seychelles got the highest number of four loans each from the Fund amounting to UA 19.42 million; UA 13.38 million; and UA12 million respectively while Botswana got three loans amounting to UA 12.99 million.
Other beneficiary countries include Cape Verde three loans of UA13.60 million; Cote d'Ivoire and Djibouti one loan each of UA2.87 million and UA 4 million respectively; Ethiopia two loans of UA 11 million; Gambia three loans of UA 9.4 million while Ghana took two loans and   Guinea three amounting to UA 5.27 and UA 16.30 million respectively.
Other beneficiaries include Guinea Bissau which got two loans valued at UA 6.11 million; Liberia, one loan package of UA 3.60 million and Madagascar, two loans with a total value of UA 12.65 million.
Also, Mali and Mauritania received a loan each from the Fund amounting to UA 5.0 and UA 6.0 million respectively. Mauritius also got three, loans of UA 10.4 million and Mozambique, two loans worth UA6.89 million. Others include Namibia two loans at UA 8.86 million; Niger, a loan of UA 5.22 million; Rwanda, three loans worth UA 14.57 million; Sao Tome and Principe, two loans with the value of UA 5.0 million; and Senegal, 2 loans worth UA11.0 million.
The rest of the beneficiary countries include Sierra Leone and Somalia, one loan package each at UA6 million each; Swaziland, two loans of UA 9.95 million; Tanzania, three loans worth UA 13.64 million; Togo, two loans at UA 10.50 million; Uganda, a loan of UA5.0 million; while three loans of UA14.05 million went to multinationals.
The sectoral application of the loans indicate that   transport got the highest chunk of 33.5 per cent; followed by social sector 18.89 per cent; agriculture 16.3 per cent; communications 9.5 per cent; power supply 4.6 per cent; industry 5.5 per cent; water supply and sanitation 3.8 per cent and finance 6.0 per cent.
In the 2003 approvals, the statistics showed that Ghana got UA 3 million for road infrastructure project; Benin also received UA4 million for a road project; just as Mauritania got UA 6.00 million for a road project.
However, Guinea Bissau received UA3.51 million to fund education projects where as Rwanda drew from the Fund UA 6.00 million to finance drinking water and electricity supply programme in Kigali.
The contributions from the NTF were however, only a little fraction of the total cost of the projects, the statistics showed.



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