The African Development Bank Group has approved a new five-year strategy for Nigeria that will provide about $650 million annually between 2025 and 2030.
The funding aims to drive economic transformation, build resilience, and create widespread prosperity across Nigeria, according to a statement released Thursday on the Bank’s website.
The plan will deliver $2.95 billion during its first four years, with an additional $3.21 billion expected from development partners.
“This strategy takes a transformative partnership between the Bank and Nigeria to a new level,” said Abdul Kamara, Director General of the African Development Bank’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.”
The strategy focuses on two main priorities: developing climate-friendly infrastructure to boost competitiveness and industrial growth, and promoting green economic growth that includes women and youth.
Women entrepreneurs will receive special support through programs like the Affirmative Finance Action for Women in Africa initiative, while youth will gain skills to address unemployment challenges.
The Bank added that investing in greener, more resilient infrastructure and agricultural systems will strengthen Nigeria’s ability to handle climate challenges, reduce the impact of floods and droughts, ease farmer-herder conflicts, and build a more resilient economy.
