By Jemimah Wellington, JKNewsMedia Reporter
THE AFRICAN Development Bank (AfDB) Group has endorsed a bold five-year Country Strategy Paper (2025–2030) for Nigeria, committing approximately $650million annually to drive economic transformation, enhance resilience, and support inclusive prosperity across the nation.
It says the sweeping $3.2 billion initiative will channel sustainable investments into Nigeria’s infrastructure, job creation, and green growth under a newly approved five-year strategy.
The strategy, unveiled in a statement dated April 30, outlines a phased investment totalling $2.95 billion over the first four years.
This will be bolstered by an additional $3.21 billion in co-financing from development partners, bringing the projected total to over $6 billion in joint funding.
AfDB’s twin focus under the new strategy targets sustainable, climate-smart infrastructure and inclusive, green industrial development.
It aims to address Nigeria’s vast infrastructure deficit — estimated at $2.3 trillion from 2020 to 2043 — by prioritising investments in energy, transport, clean water systems, and agribusinesses that stimulate employment.
“Under the new strategy, the Bank says it will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion in co-financing from development partners,” the statement confirmed.
The bank projects that its interventions will support Nigeria’s ambition to double the size of its economy to $1 trillion and create over 1.56 million jobs.
These efforts will align with national blueprints such as Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda.
Beyond infrastructure, the strategy will advance equitable growth by strengthening Nigeria’s ability to leverage the African Continental Free Trade Area (AfCFTA).
This includes boosting access to electricity, improving road networks, and enabling agro-entrepreneurs to tap into wider markets.
Abdul Kamara, Director General of AfDB’s Nigeria office, described the programme as a transformative leap in the bank’s partnership with the country.
“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,” Kamara stated.
Millions of Nigerians — particularly women, youth, small businesses, and rural communities — are expected to benefit from improved access to finance, skills training, enhanced supply chains, and wider economic opportunities.
Special provisions within the strategy include targeted support for women entrepreneurs through AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) initiative. The youth will also gain essential skills aimed at tackling endemic unemployment.
Climate resilience is a cornerstone of the plan. By promoting green infrastructure and modern agricultural practices, the bank aims to mitigate the impacts of floods and droughts, reduce farmer-herder conflict, and build sustainable livelihoods.
According to the AfDB, these investments will not only modernise Nigeria’s infrastructure base but also safeguard its long-term economic and environmental future.
