The African Development Bank (AfDB) has officially approved a new Country Strategy Paper (CSP) for Nigeria, covering the period from 2025 to 2030. This strategy includes an annual financial commitment of approximately $650 million, aimed at accelerating Nigeria’s economic transformation and fostering resilience and inclusive prosperity. Over the next four years, AfDB plans to disburse a total of $2.95 billion, with an additional $3.21 billion expected to come from development partners through co-financing arrangements.
The CSP focuses on two main objectives: promoting sustainable, climate-resilient infrastructure to improve industrial competitiveness and driving inclusive green growth. This will be achieved by empowering women and youth through industrialization and supporting agribusinesses that create jobs, particularly in rural areas. Key investments will address Nigeria’s critical infrastructure gap, which is estimated at $2.3 trillion between 2020 and 2043, by funding climate-friendly roads, power, and water systems.
AfDB’s support aligns with Nigeria’s long-term development plans, such as the Agenda 2050 and National Development Plan 2021-2025, while also contributing to the country’s efforts to capitalize on the African Continental Free Trade Area (AfCFTA). The strategy is expected to boost Nigeria’s energy access, enhance transportation networks, and provide market access for farmers and agro-entrepreneurs, ultimately advancing the nation’s goal to double its economy to $1 trillion and create 1.56 million jobs.
The impact of this initiative will extend to millions of Nigerians, including women, youth, micro-, small-, and medium-sized enterprises, as well as rural communities. In particular, women entrepreneurs will receive targeted support through programs such as the Bank’s Affirmative Finance Action for Women in Africa (AFAWA), while youth will benefit from skills development to tackle unemployment. The strategy also aims to support greener, more resilient infrastructure and agricultural systems, contributing to a stronger, more unified Nigeria.
Source: The sun