BREAKING: AfDB launches $650m yearly economic support for Nigeria

The African Development Bank Group has approved a new five-year Country Strategy Paper for Nigeria, committing about $650m annually between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity.

 

The Bank disclosed this in a statement published on its website on Thursday, saying that $2.95bn would be provided over the first four years of the plan, to be complemented by an estimated $3.21bn in co-financing from development partners.

 

The statement read, “The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650m annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country.

 

“Under the new strategy, the bank will provide $2.95bn over the first four years, complemented by an estimated $3.21bn in co-financing from development partners. 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 industrialisation.”

 

The new 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 industrialisation.

 

According to the Bank, the strategy aims to close Nigeria’s infrastructure gap — estimated at $2.3tn between 2020 and 2043 — by investing in climate-friendly roads, electricity expansion, clean water systems, and supporting agribusinesses that create jobs, especially for women and youth.

 

The investments are expected to support Nigeria’s ambition to double the size of its economy to $1tn and create about 1,561,000 jobs.

 

The Country Strategy Paper aligns with Nigeria’s development plans, including Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda.

 

It also seeks to support Nigeria’s efforts to capitalise on the African Continental Free Trade Area by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.

 

Commenting on the new plan, the Director General of the African Development Bank’s Nigeria Office, Abdul Kamara, said, “This 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.”

 

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 under the new strategy.

 

The bank added that women entrepreneurs would receive targeted support under programmes such as its Affirmative Finance Action for Women in Africa initiative, while youths would be equipped with critical skills to tackle unemployment.

 

It further noted that by investing in greener, more resilient infrastructure and agricultural systems, the strategy would strengthen Nigeria’s adaptation efforts, mitigate the effects of floods and droughts, ease farmer-herder conflicts, and contribute to a more resilient and united economy.

 

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