The African Development Bank, AfDB , has approved investment of about $650 million annually to drive economic transformation, build resilience, and foster broad-based prosperity across Nigeria.
The Board of Directors of the AFDB Group approved the investment in a new five-year Country Strategy Paper (2025-2030) for Nigeria, according to a publication on the Bank’s website.
According to the statement, the Bank will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion in co-financing from development partners under the strategy.
The Bank said 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.
According to the Bank, the aim of the strategy was to help 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 Bank added that new strategy is also in alignment 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 by 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.”
The implementation of the strategy will result in millions of Nigerians, including women, youth, micro-, small- and medium-sized enterprises, State governments, and rural communities, benefitting from improved access to finance, enhanced supply chains, training, and business opportunities.
Also, women entrepreneurs will receive targeted support under programs like the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, while youth will gain critical skills to tackle unemployment.
“By supporting greener, more resilient infrastructure and agricultural systems, the strategy also strengthens Nigeria’s adaptation efforts – mitigating the effects of floods and droughts, easing farmer-herder conflicts, and contributing to a stronger and united future,” the Bank said.
