By Ayomide Otitoju
The African Development Bank (AfDB) has approved a new five-year Country Strategy Paper (CSP) for Nigeria, pledging an annual commitment of approximately $650 million to support economic transformation, infrastructure development, and inclusive growth across the country from 2025 to 2030.
In a statement released on its official website, the Bank announced that the strategy will deliver $2.95 billion in direct funding over the first four years, with an additional $3.21 billion expected from development partners through co-financing arrangements.
The newly adopted strategy centers on two priority areas: the promotion of sustainable, climate-smart infrastructure to enhance competitiveness and industrial growth; and the advancement of gender- and youth-inclusive green industrialization.
According to the AfDB, the initiative is designed to address Nigeria’s significant infrastructure deficit—estimated at $2.3 trillion between 2020 and 2043—by investing in climate-resilient roads, energy, and water systems, as well as agribusiness ventures that generate employment, particularly for women and young people.
The CSP aligns with Nigeria’s long-term development frameworks, including the Agenda 2050, the National Development Plan (2021–2025), and the Renewed Hope Agenda launched in 2023. It also supports Nigeria’s ambitions under the African Continental Free Trade Area (AfCFTA) by improving energy access, transportation networks, and market connectivity for farmers and small businesses.
Abdul Kamara, Director General of the AfDB’s Nigeria Country Office, described the strategy as a significant deepening of the Bank’s partnership with Nigeria.
“This strategy takes a transformative partnership between the Bank and Nigeria to a new level,” Kamara stated. “By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads and power systems, we are building pathways to prosperity for millions of Nigerians.”
Beneficiaries of the strategy are expected to include women, youth, micro-, small- and medium-sized enterprises (MSMEs), state governments, and rural communities. Targeted programs such as the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) will provide dedicated support for female entrepreneurs, while youth-focused initiatives will offer training and skills development to reduce unemployment.
The Bank also emphasized the strategy’s contribution to climate resilience and national unity, citing its role in mitigating the impacts of floods and droughts, reducing farmer-herder conflicts, and fostering sustainable development.
Overall, the strategy aims to support Nigeria’s target of doubling the size of its economy to $1 trillion while creating more than 1.5 million jobs over the implementation period.
