The African Development Bank Group (AfDB) has approved a new five-year Country Strategy Paper (CSP) for Nigeria, committing approximately $650 million (about £520 million) annually from 2025 to 2030 to support economic transformation, enhance resilience, and promote inclusive prosperity.
In a statement published on its website on Thursday, the Bank announced it would provide $2.95 billion during the initial four years of the plan. This investment will be complemented by an estimated $3.21 billion in co-financing from development partners.
The statement read: “The Board of Directors of the African Development Bank Group has approved 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.”
The strategy focuses on two core priorities:
- Promoting sustainable, climate-resilient infrastructure to enhance industrial competitiveness.
- Advancing inclusive, green growth—particularly for women and youth—through industrialisation.
The Bank stated that the initiative aims to bridge Nigeria’s estimated $2.3 trillion infrastructure gap (2020–2043), focusing on investments in climate-friendly road construction, electricity expansion, clean water access, and agribusiness support, particularly those that generate employment opportunities for women and young people.
These investments are expected to help Nigeria double the size of its economy to $1 trillion and generate approximately 1.56 million jobs.
Aligned with National Development Goals
The CSP aligns with Nigeria’s key development blueprints, including Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda.
It will also support Nigeria’s efforts to harness opportunities under the African Continental Free Trade Area (Afcfta) by expanding energy access, improving transport infrastructure, and increasing market access for farmers, agro-entrepreneurs, and local businesses.
“Transformative Partnership”
Dr Abdul Kamara, Director General of the Afdb’s Nigeria Office, commented: “This strategy elevates the Bank’s partnership with Nigeria to a new level. By investing in sustainable infrastructure and inclusive agricultural development, we are not just building roads and power systems—we are paving the way to prosperity for millions.”
The strategy aims to benefit a wide range of Nigerians, including women, youth, small and medium-sized enterprises (SMES), state governments, and rural communities. Key interventions will include access to finance, supply chain improvements, vocational training, and enhanced business opportunities.
Women entrepreneurs will receive targeted support through initiatives such as the Affirmative Finance Action for Women in Africa (AFAWA), while young people will acquire the skills necessary to address the widespread issue of youth unemployment.
Strengthening Climate Resilience
The Bank noted that by investing in greener infrastructure and sustainable agriculture, the strategy will help Nigeria adapt to climate change, mitigate the impact of floods and droughts, reduce farmer-herder conflicts, and contribute to a more united and resilient national economy.
