{"id":161150,"date":"2025-05-02T12:25:17","date_gmt":"2025-05-02T11:25:17","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/afdb-announces-650m-yearly-economic-support-to-lift-millions-of-nigerians-from-poverty"},"modified":"2025-05-02T12:25:17","modified_gmt":"2025-05-02T11:25:17","slug":"afdb-announces-650m-yearly-economic-support-to-lift-millions-of-nigerians-from-poverty","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-announces-650m-yearly-economic-support-to-lift-millions-of-nigerians-from-poverty","title":{"rendered":"AfDB announces $650m yearly economic support to lift millions of Nigerians from poverty"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The African Development Bank Group has approved a fresh five-year Country Strategy Paper for Nigeria, committing about $650 million yearly between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity.<\/p>\n<p>The development bank disclosed this in a statement published on its website on Thursday.<\/p>\n<p>It notes that $2.95 billion would be provided over the first four years of the plan, to be complemented by an estimated $3.21 billion in co-financing from development partners.<\/p>\n<p>The statement read, \u201cThe 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.<\/p>\n<p>\u201cUnder the new strategy, the bank will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion 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.\u201d<\/p>\n<p>The strategy aims to close Nigeria\u2019s infrastructure gap \u2014 estimated at $2.3 trillion between 2020 and 2043 \u2014 by investing in climate-friendly roads, electricity expansion, clean water systems, and supporting agribusinesses that create jobs, especially for women and youth.<\/p>\n<p>Commenting on the new plan, the Director General of the AfDB Nigeria Office, Abdul Kamara, said, \u201cThis 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\u2014we are building pathways to prosperity for millions of Nigerians.\u201d<\/p>\n<p>Recall that the National Bureau of Statistics data in 2022 showed that 133 million Nigerians are poor.<\/p>\n<p>President Bola Ahmed Tinubu\u2019s policies have worsened the cost of living in the country.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The African Development Bank Group has approved a fresh five-year Country Strategy Paper for Nigeria, committing about $650 million yearly between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity. The development bank disclosed this in a statement published on its website on Thursday. It notes that $2.95 [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":161149,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29,28,2660],"tags":[706,254],"class_list":["post-161150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-to-homepage","tag-afdb","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AfDB announces $650m yearly economic support to lift millions of Nigerians from poverty - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/afdb-announces-650m-yearly-economic-support-to-lift-millions-of-nigerians-from-poverty\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB announces $650m yearly economic support to lift millions of Nigerians from poverty\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Nigeria. The African Development Bank Group has approved a fresh five-year Country Strategy Paper for Nigeria, committing about $650 million yearly between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity. The development bank disclosed this in a statement published on its website on Thursday. 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