The African Development Bank Group (AfDB) has approved a new five-year Country Strategy Paper for Nigeria, committing approximately $650 million annually from 2025 to 2030 to drive economic transformation and inclusive growth.
The Bank announced the plan in a statement on Thursday, May 1, noting that it would provide $2.95 billion over the first four years, alongside an expected $3.21 billion in co-financing from development partners.
“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,” the statement read.
The strategy centres on two key areas: building sustainable, climate-smart infrastructure to enhance industrial development, and promoting gender- and youth-inclusive green growth.
According to the Bank, Nigeria’s infrastructure deficit, estimated at $2.3 trillion between 2020 and 2043, will be addressed through targeted investments in climate-friendly roads, power systems, clean water infrastructure, and support for job-creating agribusinesses.
These investments are part of a broader effort to help Nigeria double the size of its economy to $1 trillion and generate more than 1.5 million jobs.
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The Country Strategy Paper is aligned with Nigeria’s Agenda 2050, the National Development Plan (2021–2025), and the Renewed Hope Agenda, and will also support the country’s participation in the African Continental Free Trade Area by improving market access and transportation systems.
“This strategy takes a transformative partnership between the Bank and Nigeria to a new level,” said Abdul Kamara, Director General of the AfDB’s Nigeria Office.
“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, small businesses, state governments, and rural communities, are expected to benefit from enhanced access to finance, improved supply chains, vocational training, and expanded business opportunities.
The Bank also highlighted that women entrepreneurs would receive targeted support through programmes such as the Affirmative Finance Action for Women in Africa (AFAWA), while young Nigerians would be trained in critical skills to reduce unemployment.
It added that the strategy’s emphasis on greener and more resilient infrastructure would also help Nigeria better withstand floods and droughts, reduce farmer-herder conflicts, and support long-term national unity and development.