The African Development Bank (AfDB) committed $650 million annually to Nigeria’s economic transformation on April 30, 2025, during a high-level summit in Abuja with President Bola Tinubu. The funding, spanning 2025-2030, targets agriculture, energy, and digital infrastructure to boost Nigeria’s 3.2% GDP growth forecast and reduce its 63% poverty rate.
The plan includes $300 million for 100,000-hectare irrigation projects to double rice and maize yields, supporting 5 million farmers, and $200 million for 500 megawatts of solar power in northern states, addressing a 40% electricity access gap.
The AfDB’s strategy aligns with Tinubu’s $10 billion infrastructure agenda, with $150 million earmarked for tech hubs to train 1 million youths in AI and coding, aiming to cut 13.5% unemployment. Nigeria, Africa’s largest economy at $477 billion GDP, faces 33.2% inflation and a 70% naira devaluation since 2023, eroding purchasing power. The bank’s 2024 portfolio in Nigeria, valued at $4.5 billion, has built 1,000 kilometers of roads and 50 schools, but 30% of projects face delays due to corruption, with $1 billion lost annually, per Transparency International.
The summit, attended by 200 investors, emphasized private-sector partnerships, with 40% of funds channeled through local firms to create 500,000 jobs. AfDB President Akinwumi Adesina stressed accountability, with audits to curb Nigeria’s 20% public fund leakage. The plan faces hurdles, including 50% rural infrastructure deficits and Boko Haram’s disruption, displacing 2 million. Nigeria’s $90 billion debt, 33% of GDP, limits fiscal space, but the AfDB’s 2% interest loans offer relief. The commitment, covering 20% of Nigeria’s infrastructure gap, aims to position it as a regional hub, competing with South Africa’s $400 billion economy.