The African Development Bank (AfDB) has approved a new Country Strategy Paper that will see Nigeria receive $650 million annually from 2025 to 2030, targeted towards accelerating economic growth, bridging infrastructure gaps, and promoting inclusive, climate-resilient development.
The Bank disclosed that the strategy will channel $2.95 billion in direct funding over the first four years, supported by an estimated $3.21 billion in co-financing from development partners. The plan targets key sectors such as transport, energy, water, and agribusiness, with a focus on sustainability and job creation, especially for women and youth.
At the core of the strategy are two priority areas, including expanding climate-smart infrastructure to enhance competitiveness and industrialisation, and advancing inclusive green growth through gender- and youth-focused investments.
With Nigeria’s infrastructure deficit projected at $2.3 trillion by 2043, the AfDB’s intervention seeks to close critical development gaps while supporting the country’s ambition to double the size of its economy to $1 trillion. The plan is also expected to create over 1.5 million jobs across the country.
The strategy aligns with Nigeria’s major policy frameworks, including the Agenda 2050, the National Development Plan (2021–2025), and the Renewed Hope Agenda.
According to Abdul Kamara, Director General of AfDB’s Nigeria office, the initiative reflects a deepened partnership with the country. “We are not only investing in infrastructure and agriculture, we are investing in people, livelihoods, and the future of Nigeria,” he said.
Beneficiaries of the program will include women entrepreneurs, youth, micro- and small enterprises, state governments, and rural communities. Initiatives like the Affirmative Finance Action for Women in Africa (AFAWA) and skills development programs will offer tailored support to boost inclusion and productivity.
The Bank also noted that by funding resilient infrastructure and supporting sustainable agriculture, the strategy will help Nigeria address environmental challenges, reduce farmer-herder conflicts, and build long-term climate adaptation capacity.
