The African Development Bank (AfDB) has greenlit a $2.95 billion investment over four years, aiming to spur economic growth, enhance resilience, and promote inclusive prosperity in Nigeria through strategic infrastructure and green growth initiatives
The African Development Bank (AfDB) Group has approved a significant investment of approximately $650 million annually, totaling $2.95 billion over the initial four years, to support Nigeria’s economic transformation and foster broad-based prosperity.
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This investment is part of a new five-year Country Strategy Paper (2025-2030) for Nigeria, as announced on the Bank’s website.
The strategy will be further bolstered by an estimated $3.21 billion in co-financing from various development partners.
The AfDB’s focus will be on two primary areas: the promotion of sustainable and climate-smart infrastructure to boost competitiveness and industrial development, and the advancement of gender and youth-inclusive green growth through industrialization.
The Bank aims to address Nigeria’s substantial infrastructure deficit, estimated at $2.3 trillion between 2020 and 2043, by investing in environmentally friendly roads, power generation, and water management systems.
Additionally, the strategy will support agribusinesses, creating crucial employment opportunities, particularly for women and young people.
These investments are projected to contribute to Nigeria’s ambition of doubling its economy to $1 trillion and generating 1,561,000 jobs.
The new strategy aligns with Nigeria’s long-term development objectives, including Agenda 2050, the National Development Plan 2021-2025, and the 2023 Renewed Hope Agenda. It also supports Nigeria’s efforts to leverage the opportunities presented by the African Continental Free Trade Area by improving energy access, transportation networks, and market access for farmers, agro-entrepreneurs, and businesses.
Abdul Kamara, Director General of the African Development Bank’s Nigeria Office, emphasized the transformative nature of this partnership, stating, “This strategy takes a transformative partnership between the Bank and Nigeria to a new level.
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 this strategy is expected to benefit millions of Nigerians, including women, youth, micro-, small- and medium-sized enterprises, state governments, and rural communities, through improved access to finance, enhanced supply chains, training programs, and expanded business opportunities.
Women entrepreneurs will receive targeted support through initiatives like the Bank’s Affirmative Finance Action for Women in Africa (AFAWA), while youth will gain essential skills to combat unemployment.
The AfDB highlighted that “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.”
