The African Development Bank Group (AfDB) has approved a new five-year Country Strategy Paper (CSP) for Nigeria, pledging $650 million yearly from 2025 to 2030 to boost economic growth, build climate-resilient infrastructure, and promote inclusive prosperity.
Under the plan, Nigeria will receive $2.95 billion in the first four years, with an additional $3.21 billion expected from development partners.
The strategy targets two main areas: climate-smart infrastructure and inclusive green growth, especially for women and youth.
AfDB aims to help close Nigeria's $2.3 trillion infrastructure gap with projects in clean energy, road construction, water access, and agribusiness. These are projected to double Nigeria's GDP to $1 trillion and create 1.56 million jobs.
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Aligned with Nigeria's Agenda 2050 and Renewed Hope Agenda, the CSP will support SMEs, improve market access, and expand energy and transport infrastructure.
Dr Abdul Kamara, AfDB's Nigeria Director General, described the plan as a "transformative partnership" that would empower millions, enhance vocational training, and combat climate threats while strengthening national unity and economic resilience.
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