The African Development Bank (AfDB) Group has approved a new five-year Country Strategy Paper for Nigeria, committing about $650 million annually to drive economic development in Nigeria.
According to the statement published on the AfDB website on Thursday, the fund is aimed at economic transformation, resilience, and fostering nationwide prosperity across the country.
Under the newly approved strategy, the Bank will disburse $2.95 billion within the first four years, with an additional $3.5 billion in co-financing from development partners.
The strategy is aimed at addressing the critical infrastructure gap in Nigeria, estimated at $2.3 trillion between 2020 and 2043, through investment in climate-friendly roads, water systems, and electricity, including providing support for agriculture-based businesses creating jobs.
These investments are expected to play a significant role in achieving Nigeria’s $1 trillion economy through the creation of over 1.5 million jobs. Also, the objectives of the strategy are in line with Nigeria’s long-term development plans, such as the National Development Plan 2021-2025, the 2023 Renewed Hope Agenda, and the Agenda 2050.
It provides support for Nigeria to utilize the opportunities offered by the African Continental Free Trade Area through improvement in transportation networks and enhanced market access for farmers and businesses.
Speaking on the transformation the new strategy will bring to Nigeria, Abdul Kamara, the director general of the African Development Bank Nigeria’s office, stated:
“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, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians.”
The improved access to finance, enhanced supply chains, and the creation of business opportunities are expected to benefit millions of Nigerians, including youths, women, and small and medium-sized enterprises, while also supporting Nigeria’s agriculture sector by mitigating the effects of floods and droughts and easing farmer-herder conflicts.
