$650m AfDB Commitment to Nigeria Approved Annually 

Abidjan – Nigeria is set to receive significant development support following the African Development Bank (AfDB) Group’s approval of a new five-year strategy. This plan includes a substantial AfDB commitment averaging six hundred fifty million dollars annually between twenty twenty-five and twenty thirty.

The Bank itself will contribute two point nine five billion dollars over the initial four years. This funding will be boosted by an additional three point two one billion dollars expected from co-financing partners, amplifying the total investment.

Targeting Key Areas: Infrastructure and Inclusive Growth

The AfDB’s strategy sharply focuses on two crucial priorities for Nigeria’s future. First, it targets the development of sustainable, climate-smart infrastructure. Second, it aims to promote green growth that includes women and youth, driven by industrialization.

A major goal is tackling Nigeria’s significant infrastructure deficit, estimated at a huge two point three trillion dollars needed by twenty forty-three. The AfDB commitment will fund projects like climate-friendly roads, expanded electricity access, improved clean water systems, and vital support for agribusinesses.

Ambitious Goals: Economic Expansion and New Jobs

The impact of this strategy is expected to be considerable. It aims to support Nigeria’s ambition to double the size of its economy to one trillion dollars. Furthermore, the investments are projected to create approximately one point five six million jobs for Nigerians.

This new Country Strategy Paper aligns directly with Nigeria’s own long-term vision, including Agenda 2050 and the current National Development Plan (2021-2025).

Abdul Kamara, Director General of the AfDB’s Nigeria Office, emphasized the plan’s potential. “This strategy takes a transformative partnership between the Bank and Nigeria to a new level,” he stated. “We are not only building roads, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians.”

Focus on People: Women, Youth, and Businesses

The plan incorporates targeted support for key groups. Women entrepreneurs will receive assistance through the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative. Additionally, programs will equip young people with skills to combat unemployment.

By investing in greener infrastructure and agricultural practices, this AfDB commitment also bolsters the country’s ability to adapt to climate change, fostering a more resilient economy. Millions of Nigerians, including women, youth, and the owners of micro, small, and medium-sized enterprises, stand to benefit directly from this multi-year plan. More details are available in the official AfDB report.

By Kayode Ojo