The African Development Bank Group has approved a new five-year Country Strategy Paper for Nigeria, committing about $650m annually between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity.

The Bank disclosed this in a statement published on its website on Thursday, saying that $2.95bn would be provided over the first four years of the plan, to be complemented by an estimated $3.21bn in co-financing from development partners.

The statement read, “The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650m annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country.

“Under the new strategy, the bank will provide $2.95bn over the first four years, complemented by an estimated $3.21bn in co-financing from development partners. The strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialisation.”

The new strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialisation.

According to the Bank, the strategy aims to close Nigeria’s infrastructure gap — estimated at $2.3tn between 2020 and 2043 — by investing in climate-friendly roads, electricity expansion, clean water systems, and supporting agribusinesses that create jobs, especially for women and youth.

The investments are expected to support Nigeria’s ambition to double the size of its economy to $1tn and create about 1,561,000 jobs.