The African Development Bank (AfDB) Group has launched an ambitious five-year development blueprint for Nigeria, pledging an annual investment of approximately $650 million from 2025 through 2030. This strategic move is aimed at accelerating economic growth, strengthening national resilience, and fostering inclusive prosperity across the country.
In a statement released on Thursday, the Bank detailed its commitment to disburse $2.95 billion in the first four years of the plan, with an additional $3.21 billion anticipated from development partners as co-financing support.
The newly approved Country Strategy Paper emphasizes two central pillars: enhancing Nigeria’s industrial competitiveness through sustainable, climate-smart infrastructure, and promoting inclusive green growth that actively engages women and youth in industrialization efforts.
With Nigeria’s infrastructure deficit estimated at $2.3 trillion through 2043, the Bank’s initiative targets critical areas such as renewable energy expansion, climate-resilient road systems, clean water access, and agribusiness development. These efforts aim to catalyze job creation and economic opportunity, especially among underserved populations.
AfDB’s projections show that the new strategy could help Nigeria double its GDP to $1 trillion and generate over 1.5 million jobs.
This country-specific strategy aligns with Nigeria’s long-term development goals, including Vision 2050, the 2021–2025 National Development Plan, and the 2023 Renewed Hope Agenda. It also supports Nigeria’s integration into the African Continental Free Trade Area (AfCFTA) by enhancing transport systems and market access for businesses and farmers alike.
Dr. Abdul Kamara, Director General of AfDB’s Nigeria Office, stated, “This plan elevates our partnership with Nigeria. Through investments in resilient infrastructure and inclusive agricultural growth, we’re not just funding projects—we’re laying the foundation for lasting prosperity.”
Key beneficiaries include women-led businesses, micro-, small- and medium-sized enterprises (MSMEs), and rural communities. Programmes such as the Affirmative Finance Action for Women in Africa will provide targeted financial support, while youth will receive vocational training and tools to thrive in the job market.
The Bank also underscored the importance of climate resilience, noting that its initiatives will help Nigeria adapt to natural disasters, reduce conflict in agrarian areas, and build a more stable, united economy.
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