The African Development Bank Group (AfDB) has approved a new 5-year Country Strategy Paper (CSP) for Nigeria.
The Bank recently committed about $650 million yearly between 2025 and 2030 to aid economic transformation, boost resilience, and usher in broad-based prosperity.
Having its say via a press statement published on its site, AfDB revealed that it will deliver $2.95 billion from 2025 – 2029, with an additional $3.21 billion expected to come from development partners via co-financing.
According to the Group, the strategy concentrates on 2 major areas – aiding climate-smart infrastructure to boost competitiveness and industrial development, plus promoting youth-inclusive green growth via industrialisation.
“The Board of Directors of the African Development Bank Group has 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 across the country.
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,” it read.
AfDB revealed that the objective of the strategy is to close the nation’s infrastructure gap, estimated at $2.3 trillion between 2020 and 2043, by investing in climate-friendly roads, robust electricity supply, and water systems, while aiding agribusinesses that create employment, especially for women and Nigerian youths.
“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,” Director General of the African Development Bank’s Nigeria Country Department, Abdul Kamara, said.
The Bank further said that female business owners would enjoy targeted support under key programmes like the Affirmative Finance Action for Women in Africa (AFAWA), among others, while youths across the country would be equipped with vital skills needed to be their own boss.
The African Development Bank Group (AfDB) added that by backing the plan for a better infrastructure and agricultural systems, the strategy would go a long way towards strengthening the country’s adaptation efforts to climate change. It added that Nigeria will definitely enjoy a stable economy if farmer-herder conflicts are resolved, and when the effects of floods and droughts are duly addressed.
