The African Development Bank (AfDB) has launched a new five-year development plan aimed at helping Nigeria overcome poverty and strengthen its economy.
This initiative will see the bank commit around $650 million each year from 2025 to 2030, bringing the total investment to nearly $3 billion over the first four years alone.
According to a statement published on Thursday on the bank’s official website, the plan—formally called the Country Strategy Paper (CSP) 2025–2030—will also attract an additional $3.21 billion in funding from other international development partners.
These combined efforts are designed to support Nigeria in building a more stable, inclusive, and climate-resilient economy.
The strategy is built around two major goals. First, it aims to boost sustainable infrastructure development. This includes projects like roads, clean energy access, and improved water systems.
Second, it focuses on creating green jobs through support for industries that include women and young people, especially in agriculture and agribusiness.
The bank notes that this investment is especially important because of Nigeria’s infrastructure shortfall, which has been estimated at a staggering $2.3 trillion between 2020 and 2043.
The AfDB plans to help close this gap by prioritizing climate-smart projects that not only support economic growth but also address environmental challenges.
Abdul Kamara, Director General of AfDB’s Nigeria office, 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 and power systems and transforming agriculture—we are building pathways to prosperity for millions of Nigerians.”
