The African Development Bank Group (AfDB) has approved a new five-year strategy to support Nigeria’s development, with a primary focus on building up the nation’s critical infrastructure. The bank plans to invest an estimated $2.95 billion over the next four years, with an additional $3.21 billion expected from co-financing partners. This massive investment aims to help close Nigeria’s immense infrastructure deficit, which is estimated to be in the trillions of dollars.
The strategy is built on two key pillars: promoting sustainable infrastructure and boosting industrialization. The AfDB’s investments will target climate-friendly roads, power, and water systems, while also supporting agribusinesses. This will not only help Nigeria double its economy to $1 trillion but is also projected to create over 1.5 million new jobs, with a specific emphasis on employment opportunities for women and youth.
Furthermore, the new strategy aligns with Nigeria’s national development plans and supports the country’s efforts to benefit from the African Continental Free Trade Area (AfCFTA). By investing in greener infrastructure and agricultural systems, the initiative also aims to strengthen Nigeria’s resilience to climate change. Overall, the bank’s plan is designed to be a transformative partnership that delivers long-term prosperity for millions of Nigerians.
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