As Africa development bank (AFDB) strives to promote sustainable economic development and social progress in the region; with the aim of growing the continents GDP, which is predicted to grow from 3.2 percent in 2024 to 4.1percent in 2025. By AFDB.
The Africa development bank in a press statement has just recently announced the approval of five year- country paper strategy plans to boost economic growth in the Giant of Africa (Nigeria). This recent strategy will help millions of Nigerians access finance, skills, and infrastructure for farming, business growth and a stronger economy.
Report says The AFDB five year- country strategy paper (2025-2030) for Nigeria, is committing about $650 million annually to driving economic transformation, build resilience, and foster broad-based prosperity in the country.
Under this new strategy the bank will provide $2.95 billion over the first four years, then complemented by an estimated $3.21 billion in co-financing from development partners.
According to the AFDB press release the strategy will be focusing on two “key-priorities”: promoting sustainable climate- smart infrastructure to enhance competitiveness and industrial development, and advancing gender and youth-inclusive green growth.
Abdul Kamara, Director General of the African Development Bank’s Nigeria Office. While commenting on the strategy said it’s a “transformative partnership” which will strengthen ties between Nigeria and AFDB. He also expressed optimism that a “new level” will be achieved with the partnership.
“This strategy takes a transformative partnership between the Bank and Nigeria to a new level.” He said.
Improving Climate-smart framework.
Mohammed Dahiru aminu an environmental expert and policy manager at methane pollution prevention; while writing in Abuja, expressed his concerns about how environmental changes is negatively impacting every aspect of our lives in Nigeria, he stressed that climate change is responsible for “present-day realities affecting farmers, food production and rural communities”.
“I have seen firsthand how environmental change impacts every aspect of our lives In Nigeria, the effects of climate change are not just statistics or predictions for the future. They are a present-day reality affecting farmers, food production and rural communities.” He wrote.
He also noted that; to combat the environmental problems which farmers face today 🙁 reduced crop yields, low productivity, floods, reduced harvest, droughts.) Which has caused: food shortages, rising prices and increased poverty in the Nigeria. He then proceeds to call for the need to embrace climate-smart policies as a solution.
“To combat these challenges, it is important to embrace climate-smart agriculture”. He added.
The AFDB policy stated that; it aims to combat the challenges of climate-smart development in Nigeria and will be investing in key climate-smart infrastructure projects like: climate-friendly, roads, power and water systems. And boost the country’s critical infrastructure gap over the coming years.
“The strategy aims to close Nigeria’s critical infrastructure gap – estimated at $2.3 trillion between 2020 and 2043” it stated.
However Mr. Abdul Kamara said with AFDB investment in “inclusive agricultural growth” millions of Nigeria will experience prosperity and huge transformation in the agricultural sector.
“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.” he said.
Women, youth inclusiveness and green economy.
AFDB press release confirms that million of Nigerian women, youth and small businesses, micro enterprises , medium sized enterprises – together with state government and rural communities will “benefit” from improved access to finance , enhanced supply chains, trainings, and business opportunities.
Further-more, AFDB also reveals that it will be working closely with Affirmative Finance Action for Women in Africa (AFAWA).
AFAWA, a pan-African initiative created to bridge the $42 billion financing gap facing women in Africa.
AFAWA leverages the African Development Bank’s financial instruments to increase lending to women.
Following the approval of this strategy Nigerian women entrepreneurs will benefit “targeted support” from AFDB throw AFAWA program.
“Women entrepreneurs will receive targeted support under programs like the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative”. It noted.
AFDB through its press release also said this strategy will provide opportunities for youth in Nigeria to gain critical skills that will help end unemployment in the country.
“youth will gain critical skills to tackle unemployment.” AFDB noted.
Aligning with Nigeria long-term development plans.
According to the release, AFDB investments are projected to support Nigeria’s ambition to double the size of its economy to $1 trillion and to create 1,561,000 jobs.
However AFDB said this new strategy “ aligns” with Nigeria long-term development plans which include:
* Agenda 2050: According to world food and agricultural organization (FOA) This Nigeria Agenda presents the government’s long-term economic transformation blueprint to address the economic and social developmental challenges and transform Nigeria in an upper middle-income country, through a full engagement of all resources, in order to achieve inclusive growth, reduce poverty and unemployment, increase social and economic stability, create a sustainable environment, and reduce global concerns about climate change.
* Nigeria’s National Development Plan (NDP). National library of Nigeria explains that the NDP 2021 – 2015, is a medium-term blueprint designed to unlock the country’s potentials in all sectors of the economy for a sustainable, holistic and inclusive national development, developed by the different facet of the Private Sector, Sub-national Government, Civil Society Organization (CSO) and facilitated by the Federal Government of Nigeria.
* 2023 Renewed hope Agenda: which the vice president of Nigeria; His Excellency Kashim Shettima has explained as a strategy of President Bola Ahmed Tinubu’s administration in transformative policy thrust, aimed at repositioning Nigeria as a prime global investment destination. He said with the agenda hinged on the core pillars of democracy, development, demographics, and Diaspora engagement, the present moment serves as the opportune time to remind both Nigerians and the global community that Nigeria stands ready to embrace the future and conduct business.
NWALI CHIDOZIE MICHAEL
