Why Nigeria should replenish ‎$25m Technical Cooperation Fund – AfDB

African Development Bank, AfDB, on Tuesday said Nigeria should replenish its Nigeria Technical Cooperation Fund, NTCF, in order to make it possible for ‎African countries to benefit from the programs offered by the fund and to promote the goal of regional integration in Africa.

The Senior Director, N‎igeria Country Department, AfDB, Abuja, Ebrima Faal, stated this at the 1-day symposium on ‘NTCF: A reference point for Africa’s sustainable Development and Regional Integration” in Abuja, organised by Nigeria Technical Cooperation Fund, NTCF.

‎”The NTCF is an important instrument in this regard. We encourage the Nigerian authorities to give favourable consideration to replenishing the fund, to allow it to make it possible for African countries to benefit from the programs offered by the fund and to promote the goal of regional integration in Africa.

“It is indeed the bank’s desire to strengthen this collaboration ‎towards achieving the vision of the Federal Republic of Nigeria, through the realisation and implementation of the mandate of the NTCF.

“Over the last decade and a half, the Af‎Rican continent made significant strides in economic growth and in reducing poverty. Until few years ago, they have been highly successful ones for Nigeria and many natural resources rich African countries also. They have benefited enormously from the buoyant commodity prices linked to the rise of China and other emerging markets. Greater integration into global trade and financial networks along with the implementation of coherent medium -term macroeconomic policy frameworks, structural reforms and attention to the strengthening of governance and economic and social institutions – has allowed Africa to grow faster than in previous decades. Strong growth is beginning to allow living standards to rise, institutions to develop, and financial sectors to deepen.

“We all know h‎owever that, these gains can be fragile. Near term, continued uncertainties in the global economy and turbulence in emerging market economies can have negative implications for the continent”.

The Minister of Finance, Kemi Adeosun, who was represented by Director International Economic Relations, Aliyu Muhammad, it is imperative for Nigeria to develop the socio-economic and look in ward to fight corruption.

According to her, “Without the commitment of the Federal Government, we wouldn’t have been where we are. And I want to congratulate NTCF for judicious use of the fund. The development of Africa is in the hands of Africans. Africa must look inward inorder to address it challenges in corruption and insurgency”.

Mohammed Kachallah
Director-General, Directorate of Technical Cooperation in Africa (DTCA), in h‎is welcome address said, DTCA was created in 2001 by the Nigerian Government, under the defunct Ministry of Cooperation and Integration in Africa (MCIA). Upon its establishment, DTCA was given a clear mandate to give further impetus to the nation’s foreign policy thrust through the utilization of a specialized technical assistance fund that would promote integration for the sustainable development of the African continent.

“It was the promotion of this new facet of Nigeria’s foreign policy thrust that prompted the Nigerian Government to create the Nigeria Technical Cooperation Fund (NTCF), a US$25 million funding window utilizable at a depletion rate of US$2.5million per annum for an initial ten year period. The Grant resources of the NTCF are used to fund developmental projects in Regional Member Countries (RMCs), as long as such projects are targeted at promoting Regional Cooperation and Integration in RMCs” he said.

 

LAIDE AKINBOADE-ORIERE