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Daniel Adaji
The African Development Bank (AfDB) has approved a new five-year strategy that will see it invest about $650m annually in Nigeria to boost economic growth, infrastructure, and job creation.
The plan was announced Thursday on the AfDB’s website following approval by the Bank’s Board of Directors.
Abdul Kamara, Director General of the AfDB Nigeria Office 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 building pathways to prosperity for millions of Nigerians.”
The Country Strategy Paper (2025–2030) outlines AfDB’s commitment to Nigeria’s development priorities through an initial $2.95bn investment over four years. This funding is expected to be complemented by $3.21bn in co-financing from development partners.
The strategy targets two main areas: sustainable, climate-smart infrastructure to support industrial development, and inclusive green growth that benefits women and youth.
The Bank aims to help close Nigeria’s infrastructure gap—estimated at $2.3tn between 2020 and 2043—by financing climate-resilient roads, power, and water systems.
In line with national plans such as the Agenda 2050, the National Development Plan (2021–2025), and the Renewed Hope Agenda, the AfDB’s strategy also supports Nigeria’s ambitions under the African Continental Free Trade Area. It will enhance energy access, improve transport networks, and increase market opportunities for farmers and agro-entrepreneurs.
The plan is expected to help Nigeria double the size of its economy to $1tn and create more than 1.5m jobs. Women and youth-led businesses will receive targeted support, including through the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative.
The Bank says millions of Nigerians—including rural communities, state governments, and small businesses—stand to benefit from better access to finance, training, and stronger supply chains.
By backing green infrastructure and agriculture, the strategy also aims to strengthen climate adaptation, reduce the impact of floods and droughts, and ease farmer-herder conflicts.