Nigeria to receive $650 million yearly and an additional $3.21 billion under new AfDB deal
The African Development Bank (AfDB) has authorized an annual payout of $650 million to Nigeria for five years.
AfDB authorized $650 million annual payout to Nigeria for 5 years.
The payout aims to drive economic transformation, build resilience, and foster prosperity.
The deal prioritizes sustainable infrastructure, gender- and youth-inclusive green growth.
The bank's board of directors recently approved the five-year Country Strategy Paper (2025-2030) for the Nigeria fund, which will span 2025 to 2030.
The fund is intended 'to drive economic transformation, build resilience, and foster broad-based prosperity' across the West African country, as relayed on its Website on Thursday.
As per the new deal, the Bank will offer $2.95 billion over the first four years, with development partners contributing an additional $3.21 billion in co-financing.
The deal prioritizes two areas: fostering sustainable, climate-smart infrastructure to boost competitiveness and industrial development, and furthering gender- and youth-inclusive green growth through industrialization.
Additionally, the bank noted that the inititaive would be instrumental in ensuring that Nigeria hits its goal of becoming a trillon dollar economy and generating 1,561,000 jobs.
Although spanning just five years, this deal is projected to have a long-term positive impact on the country's growth strategy, even adding to the country's 2050 agenda and the the National Development Plan 2021-2025, among others.
'This strategy takes a transformative partnership between the Bank and Nigeria to a new level,' said Abdul Kamara, Director General of the African Development Bank's Nigeria Office
'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 AfDB highlights that the deal would be highly beneficial to millions of Nigerians, including women, youth, micro-, small- and medium-sized enterprises, State governments, and rural communities, who are expected to benefit from improved access to finance, enhanced supply chains, training, and business opportunities.
Women in Africa (AFAWA) project will provide targeted support to women entrepreneurs, and youngsters will acquire vital skills to combat unemployment.
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