The Board of Directors of the African Development Bank (AfDB) has approved a new five-year Country Strategy Paper for Nigeria for about $650 million annually between 2025 and 2030 to support the current initiatives of the Federal Government geared towards economic transformation and inclusive prosperity for all.
The AfDB made this disclosure in a statement published on its website on Thursday, clarifying that $2.95bn would be provided over the first four years of the plan and would be complemented by an estimated $3.21 billion in co-financing from other development partners.
The Bank stated: “The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650m annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country.
“Under the new strategy, the Bank will provide $2.95bn over the first four years, complemented by an estimated $3.21bn in co-financing from development partners. 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 industrialisation”, it added
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The statement indicated that the new strategy mainly focused on two key priority areas, namely promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialisation.
Among other objectives, the strategy aims to close Nigeria’s infrastructure gap estimated at $2.3 trillion between 2020 and 2043 by investing in climate-friendly roads, electricity expansion, clean water systems, and supporting agribusinesses that create jobs, especially for women and youth.
It also seeks to support Nigeria’s efforts to capitalise on the African Continental Free Trade Area (AfCTA) agreement by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.
In addition, the investments are expected to support the Nigerian government’s plans to boost the size of the nation’s economy to $1 trillion and create about 1,561,000 jobs by 2030.
Commenting on the new Country Strategy Plan, the Director-General of the AfDB’s Nigeria Office, Abdul Kamara, said: “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.”
According to the CSP, many Nigerians, including women, youth, micro-, small- and medium-sized enterprises, state governments, and rural communities, are expected to benefit from improved access to finance, enhanced supply chains, training, and business opportunities under the new strategy.
The development finance institution also stated that women entrepreneurs would receive targeted support under programmes such as its Affirmative Finance Action for Women in Africa initiative, while youths would be equipped with critical skills to combat the nation’s rising unemployment rate.
It further projected that by investing in greener, more resilient infrastructure and agricultural systems, the strategy would strengthen Nigeria’s adaptation efforts, mitigate the effects of floods and droughts, help in addressing farmer-herder conflicts, and contribute to a more resilient and robust economy.
The Country Strategy Paper aligns with Nigeria’s development plans, including Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda.
