The African Development Bank (AfDB) Group has approved a new five-year country strategy paper (2025-2030) for Nigeria, committing about $650 million annually to drive economic transformation, build resilience, and foster “broad-based” prosperity.
The strategy paper, announced in a statement dated April 30, will see the bank invest $2.95 billion in the first four years, and a total of $3.2 billion by the end of the programme.
“Under the new strategy, the Bank will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion in co-financing from development partners,” the statement reads.
“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 industrialization.”
The AfDB said the strategy aims to close Nigeria’s infrastructure gap — estimated at $2.3 trillion between 2020 and 2043 — by investing in climate-friendly roads, power, clean water systems, and supporting agribusinesses that create jobs, especially for women and youth.
According to the bank, the investments are projected to support Nigeria’s ambition to double the size of its economy to $1 trillion and to create 1,561,000 jobs.
“The new strategy aligns with Nigeria’s long-term development plans, including the Agenda 2050, the National Development Plan 2021-2025, and the 2023 Renewed Hope Agenda,” the AfDB said.
The group said the strategy also supports Nigeria’s efforts to take advantage of the African Continental Free Trade Area (AfCFTA) agreement by boosting energy access, improving transportation, and enhancing market access for farmers, agro-entrepreneurs, and businesses.
Commenting on the initiative, Abdul Kamara, the director-general of the AfDB’s Nigeria office, said the 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,” he said.
The development bank said millions of 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.
According to the financial institution, women entrepreneurs would receive targeted support under programmes such as its affirmative finance action for women in Africa (AFAWA) initiative, while the youths will gain critical skills to tackle unemployment.
The AfDB said the strategy would enhance Nigeria’s ability to adapt to climate change by promoting greener, more resilient infrastructure and agricultural systems.
This, the organisation said, would help to reduce the impact of floods and droughts, ease farmer-herder conflicts, and support a more stronger and united future.