The African Development Bank (AfDB) has approved a bold five-year Country Strategy Paper (CSP) for Nigeria, starting in 2025. The plan commits roughly $650 million each year to drive sustainable growth and development across key sectors.
Unveiled during a virtual board meeting, the CSP supports Nigeria’s goals in infrastructure, agriculture, energy, and human capital. According to AfDB officials, the funding aligns with Nigeria’s development agenda and the African Continental Free Trade Area.
It also supports the Sustainable Development Goals, focusing on food security, electricity access, and private sector involvement.
AfDB President Dr. Akinwumi Adesina praised Nigeria’s potential and affirmed the bank’s commitment to driving lasting change.
$650 Million Yearly to Support Jobs, Energy, and Growth
“With $650 million annually, we aim to create jobs and build economic resilience,” Adesina stated after the CSP approval.
“This strategy is about transforming lives and pushing Nigeria toward lasting prosperity,” he added confidently.
The new plan builds on the previous CSP (2020–2024), which backed rural roads and stronger agricultural value chains.
Nigeria, still grappling with inflation and insecurity, will use the funds to tackle these long-standing problems directly.
Importantly, the CSP targets clean energy projects that could add up to 1,000 megawatts of electricity capacity. It also supports small farmers with programs to boost productivity and reduce reliance on food imports.
Government leaders have welcomed the initiative. Finance Minister Wale Edun called it a timely boost for Tinubu’s reforms.
“This partnership will help us reach double-digit growth and cut poverty,” Edun said at a press briefing.
He assured the public that the funds would be used transparently and deliver measurable progress for Nigerians. If successful, the total investment may reach $3.25 billion, subject to reviews and future approvals.
This move supports AfDB’s broader aim of strengthening Africa through regional trade, integration, and economic resilience. Analysts believe the CSP could spark growth not only in Nigeria but across neighboring West African nations.
They cite better trade corridors and increased investor confidence as likely ripple effects from this massive commitment.
As implementation begins, experts urge strong governance and strict monitoring to ensure effective use of the funds.
AfDB plans to work closely with Nigerian agencies and global partners to track progress and make necessary adjustments.
This approval also comes as global attention shifts toward Africa’s potential for high-impact, inclusive economic transformation. Other countries will soon receive similar strategies as AfDB expands its development support across the continent.
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