The African Development Bank Group has approved a new five-year Country Strategy Paper for Nigeria, pledging an annual commitment of about $650 million between 2025 and 2030 to accelerate economic transformation, enhance resilience, and foster inclusive prosperity across the country.
The Bank, in a statement released on Thursday, confirmed that $2.95 billion will be deployed over the first four years of the plan. This will be complemented by approximately \$3.21 billion in co-financing from development partners. The initiative focuses on two critical priority areas: building sustainable, climate-smart infrastructure to boost industrial competitiveness and advancing gender- and youth-inclusive green growth through industrialisation.
With Nigeria’s infrastructure deficit estimated at $2.3 trillion between 2020 and 2043, the strategy aims to bridge this gap by investing in climate-resilient roads, electricity access, clean water systems, and agribusinesses. These investments are expected to support Nigeria’s ambition to grow its economy to $1 trillion and create over 1.5 million jobs.
The plan aligns with Nigeria’s long-term development visions, including Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda. It also aims to strengthen Nigeria’s competitiveness under the African Continental Free Trade Area by enhancing energy access, improving transport infrastructure, and expanding market opportunities for farmers, agro-entrepreneurs, and small businesses.
According to the Bank’s Nigeria Office Director General, the new strategy deepens the Bank’s partnership with Nigeria, with a focus on building sustainable infrastructure and transforming agriculture as pathways to prosperity for millions. The initiative targets wide-ranging beneficiaries, including women, youth, MSMEs, state governments, and rural communities, who are expected to gain from improved financing, business development, and training opportunities.
Women entrepreneurs will receive specialised support through programmes like the Affirmative Finance Action for Women in Africa, while young Nigerians will be equipped with relevant skills to combat unemployment. The Bank also stressed that investing in greener infrastructure and agricultural systems will strengthen the country’s climate resilience, mitigate disasters like floods and droughts, reduce farmer-herder conflicts, and build a more united and economically stable nation.
