The African Development Bank (AfDB) has announced a major economic support package for Nigeria, pledging to invest $650 million annually over the next five years to drive sustainable growth, infrastructure development, and inclusive prosperity.
The funding is part of a newly approved Country Strategy Paper (CSP) for Nigeria, which will run from 2025 to 2030. AfDB President, Dr. Akinwumi Adesina, revealed the strategic initiative during a press briefing, describing the package as a comprehensive response to Nigeria’s urgent economic and developmental needs.
According to Dr. Adesina, the funds will be directed toward critical sectors including infrastructure, energy, agriculture, and the digital economy. “Nigeria holds enormous potential for economic transformation, and this strategy is designed to unlock that potential in a sustainable and inclusive manner,” he stated.
Under the plan, a significant portion of the investment will be allocated to infrastructure projects aimed at improving transportation networks, water access, and sanitation systems. These upgrades are expected to boost productivity, attract private sector investment, and enhance the standard of living for millions of Nigerians.
In the energy sector, the AfDB’s support will help accelerate Nigeria’s Energy Transition Plan, which targets 250 gigawatts (GW) of electricity generation capacity by 2050—90% of which is expected to come from renewable sources. The initiative aims to expand access to electricity, reduce reliance on fossil fuels, and contribute to global climate goals.
Agriculture will also receive a substantial boost through the establishment of Special Agro-Industrial Processing Zones (SAPZs) across 28 states. The AfDB is mobilizing $2.2 billion for the project, which is expected to increase food production, reduce post-harvest losses, and create thousands of jobs. The first phase of the SAPZ program is already underway in Kaduna State, with additional phases set to follow.
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Furthermore, the AfDB has partnered with stakeholders to invest $618 million in Nigeria’s booming digital and creative economy under the Investment in Digital and Creative Enterprises (iDICE) program. This initiative aims to create 6 million jobs by supporting over 200 startups and 450 small- and medium-sized digital enterprises with both financial and non-financial services.
The AfDB’s renewed commitment comes at a critical time, as Nigeria grapples with economic headwinds including inflation, unemployment, and infrastructure deficits. By targeting key growth sectors, the bank hopes to support the country’s efforts to build a diversified, resilient, and inclusive economy.
Dr. Adesina emphasized that the success of the strategy will also depend on strong collaboration between the AfDB, the Nigerian government, and development partners. “This is not just funding—it’s a roadmap for Nigeria’s economic renaissance,” he said.
The announcement has been welcomed by government officials and development experts alike, who view it as a timely intervention that could accelerate progress toward Nigeria’s long-term development goals.
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