The African Development Bank (AfDB) is stepping up its support for Nigeria’s infrastructure needs with a significant investment of $1.44 billion. This announcement was made during the Nasarawa Investment Summit 2024.
Nigeria faces a substantial infrastructure gap, hindering economic diversification and global competitiveness. The AfDB acknowledges this challenge, highlighting a national infrastructure investment requirement of $2.3 trillion between 2020 and 2043. Energy and transportation sectors were identified as the most critical areas needing funding, with the energy sector alone requiring an estimated $759 billion.
The AfDB’s investment targets key sectors like energy, power, transport, water, and sanitation. This financial boost is expected to contribute to improved infrastructure and economic growth in Nigeria.