The African Development Bank Group has unveiled a bold five-year Country Strategy Paper for Nigeria, pledging approximately $650 million annually from 2025 to 2030 to catalyze economic transformation and foster resilience.
In a statement on Thursday, AfDB stated that it will provide $2.95 billion over the first four years of the plan, with an additional $3.21 billion expected from development partners through co-financing.
According to the Bank, the strategy zeroes in on two key priorities: developing sustainable, climate-smart infrastructure to boost competitiveness and industrial growth, and promoting green, inclusive growth with a focus on gender and youth through industrialization.
This ambitious plan aims to drive broad-based prosperity and position Nigeria as a regional economic powerhouse, according to AfDB officials.
AfDB stated, “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.”
The AfDB stated that its strategy is designed to address Nigeria’s critical infrastructure deficit—estimated at $2.3 trillion between 2020 and 2043—through investments in climate-resilient roads, expanded electricity access, improved water systems, and job-generating agribusinesses, with a focus on women and youth.
These investments are expected to help Nigeria achieve its goal of doubling the economy to $1 trillion and creating approximately 1.56 million jobs over the period.
The strategy aligns with Nigeria’s key development frameworks, including Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda.
It also aims to enhance Nigeria’s engagement in the African Continental Free Trade Area by improving energy access, strengthening transportation infrastructure, and expanding market opportunities for farmers and businesses.
Commenting on the new plan, Abdul Kamara, Director General of the African Development Bank’s Nigeria Country Department, 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, MSMEs, state governments, and rural communities—are expected to benefit from the strategy through improved access to finance, strengthened supply chains, vocational training, and expanded business opportunities.
The AfDB noted that women entrepreneurs will receive targeted support through initiatives like the Affirmative Finance Action for Women in Africa, while young people will be equipped with essential skills to tackle unemployment.
