Nigeria: AfDB to commit $650m annually for five years

• To Drive economic transformation
• Approves Country’s Strategy to Boost Economic Growth

BY BONNY AMADI

The African Development Bank Group’s strategy will help millions of Nigerians access finance, skills, and infrastructure for farming, business growth, and a stronger economy.

The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650 million annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country.

Under the new strategy, the Bank will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion in cofinancing from development partners.

The strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialization.

The strategy aims to close Nigeria’s critical infrastructure gap – estimated at $2.3 trillion between 2020 and 2043 – by investing in climate-friendly roads, power, and water systems, and supporting agribusinesses that create jobs, especially for women and youth.

The Bank’s investments are projected to support Nigeria’s ambition to double the size of its economy to $1 trillion and to create 1,561,000 jobs.

The new strategy aligns with Nigeria’s long-term development plans, including the Agenda 2050, the National Development Plan 2021-2025, and the 2023 Renewed Hope Agenda.

It also supports Nigeria’s efforts to capitalize on opportunities offered by the African Continental Free Trade Area by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.

“This strategy takes a transformative partnership between the Bank and Nigeria to a new level,” said Abdul Kamara, Director General of the African Development Bank’s Nigeria Office “By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians.”