Norway is investing more than NOK three billion in efforts to promote economic growth and increase resilience to future crises in low-income countries in Africa.

This was disclosed in a statement by the Royal Norwegian Embassy in Abuja on Tuesday.

The contribution to the fight against poverty will be channelled through the African Development Fund (ADF) over the next three-year (2026-2028) period, it said.

Never before have more African countries themselves contributed to the fund.
The fund’s assets are used in the 37 poorest countries in Africa, with a strong focus on strengthening state institutions and better economic management.
“We know that having a job to go to, a living wage and a decent working life is the most important way to help oneself out of poverty. This is how it is here at home, and this is how it is elsewhere in the world.

“The African Development Fund is an important player in achieving this, also because the Bank and the Fund have great legitimacy among the countries in Africa,” said Minister of International Development Asmund Aukrust.

An important pillar of the work of the Africa Bank and the Fund is to assist countries in generating resources, including through taxation, and to assist countries in how best to manage their revenues in the best interests of their populations.

This is crucial for countries to attract private investment, which helps to create jobs. The latter is absolutely central to the work to eradicate poverty.

“The aim of our involvement in the African Development Fund is to contribute to more resilient economies and stable societies. The fund has demonstrated its ability to assist the poorest African countries in their long-term efforts to achieve climate and sustainability goals. In the long term, it contributes to less dependence on aid,” said Aukrust.

When ADF was established in 1972, no African countries contributed to the fund. Today, the number is 25.

“This is an expression of the fact that many countries in Africa have had and continue to have economic growth, which is crucial for creating stability and welfare for those living in Africa today, not least for the young population.

“This also shows that there is a desire for more ownership of the ADF as an instrument for its own development among African countries and a willingness to help those countries that are still struggling.

“Norway supports such increased African ownership,’ said the Minister of International Development.