The African Development Bank (AfDB) has approved a bold new five-year Country Strategy Paper (CSP) for Nigeria (2025–2030), pledging to commit approximately $650 million annually toward transforming the country’s economy and building a more resilient, inclusive future.
According to a statement released by the Bank on Thursday, the strategy aims to drive sustainable economic growth, improve infrastructure, and empower marginalized groups with a total of $2.95 billion in direct financing planned over the first four years, complemented by an estimated $3.21 billion in co-financing from development partners.
The CSP targets two core priority areas:
Sustainable, climate-smart infrastructure to enhance Nigeria’s competitiveness and industrial growth.
Inclusive green growth, with a focus on empowering women and youth through industrialization.
Closing the Infrastructure Gap
The AfDB’s plan is designed to help close Nigeria’s vast infrastructure deficit, currently estimated at $2.3 trillion between 2020 and 2043. Investments will focus on climate-resilient roads, energy systems, water infrastructure, and agribusinesses that can generate employment particularly for women and young people.
These investments support Nigeria’s ambitions to double the size of its economy to $1 trillion and create over 1.56 million jobs during the strategy period.
The Bank’s roadmap aligns closely with Nigeria’s national priorities, including the Agenda 2050, the National Development Plan 2021–2025, and President Tinubu’s Renewed Hope Agenda. It also leverages opportunities presented by the African Continental Free Trade Area (AfCFTA) by promoting energy access, market connectivity, and value chain development for farmers and entrepreneurs.
A Transformative Partnership
Abdul Kamara, Director General of the AfDB Nigeria Office, described the new strategy as a “transformative partnership” that strengthens the Bank’s commitment to Nigeria’s development.
“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,” Kamara said.
Broad-Based Benefits
The CSP is expected to benefit a wide cross-section of Nigerians from micro, small, and medium-sized enterprises (MSMEs) to state governments and rural communities. Specific support programs such as the Affirmative Finance Action for Women in Africa (AFAWA) will provide financial and technical assistance to women-led businesses, while youth-targeted initiatives will offer training and skills development to tackle unemployment.
Moreover, the strategy aims to strengthen Nigeria’s climate resilience by addressing challenges such as flooding, drought, and resource-related conflicts. By supporting greener infrastructure and sustainable agriculture, the AfDB hopes to build a more unified and secure future for the country.
