The African Development Bank (AfDB) approved a new five-year Country Strategy Paper (2025-2030) for Nigeria, pledging approximately $650 million each year to facilitate the economic transformation of the nation.
The Bank announced on its website that this funding will not only promote economic change but also enhance resilience and encourage widespread prosperity throughout the country. As part of this strategy, the Bank will allocate $2.95 billion in the initial four years, supplemented by an anticipated $3.21 billion in co-financing from development partners.
The Strategy Paper will concentrate on two primary areas: the promotion of sustainable, climate-smart infrastructure to boost competitiveness and industrial growth, and the advancement of gender and youth-inclusive green growth through industrialisation.
The Bank asserts that this strategy seeks to address Nigeria’s significant infrastructure deficit—estimated at $2.3 trillion from 2020 to 2043—by investing in environmentally friendly roads, power, and water systems, as well as supporting agribusinesses that generate employment, particularly for women and youth. These investments are expected to aid Nigeria in its goal to double its economy to $1 trillion and create 1,561,000 jobs.
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The Country Strategy also supports Nigeria’s efforts to capitalise on opportunities offered by the African Continental Free Trade Area by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.
