Powerful new $650 million-a-year AfDB plan aims to boost jobs, build roads, and cut poverty
On Friday, May 2, the African Development Bank Group (AfDB) announced a bold new five-year plan to support Nigeria’s economy.
The bank will spend about $650 million every year from 2025 to 2030, aiming to improve the country’s roads, electricity, agriculture, and job opportunities—especially for young people and women.
The AfDB said it will spend $2.95 billion in the first four years, with help from other development partners who are expected to add $3.21 billion.
The new Country Strategy Paper focuses on two big goals:
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Building climate-smart infrastructure like better roads and power systems to help businesses grow.
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Encouraging green and inclusive growth, especially in farming, to create more jobs for youth and women.
Nigeria faces a huge infrastructure gap of $2.3 trillion through 2043, and the bank says this plan will help close that gap.
Abdul Kamara, Director General of the AfDB Nigeria Office, said:
“This strategy takes a transformative partnership between the Bank and Nigeria to a new level. By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads and power systems and transforming agriculture—we are building pathways to prosperity for millions of Nigerians.”
This major investment comes at a time when many Nigerians are struggling. A 2022 report by the National Bureau of Statistics said 133 million people in Nigeria are living in poverty. Recent government policies have also led to rising living costs, making support from development partners even more important.
