AfDB Commits $1.44 Billion to Boost Nigeria’s Infrastructure

The African Development Bank (AfDB) has pledged $1.44 billion to enhance Nigeria’s energy, transport, water, and sanitation infrastructure. This announcement was made at the Nasarawa Investment Summit 2024, held on May 15-16 in Lafia, the capital of Nasarawa State.

AfDB President Akinwunmi Adesina, represented by Lamin Barrow, Director-General of the AfDB’s Nigeria Country Department, emphasised Nigeria’s significant infrastructure deficit. According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires an estimated $2.3 trillion in infrastructure investment between 2020 and 2043 to meet international benchmarks.

Barrow highlighted that the energy sector needs $759 billion of this investment, while the transport sector requires $575 billion. He noted that as of April 2024, 31% of the AfDB’s active portfolio in Nigeria, valued at $1.44 billion, supports infrastructure development.

Dr. Doris Nkiruka Uzoka-Anite, Nigeria’s Minister of Industry, Trade, and Investment, representing President Bola Ahmed Tinubu, praised Nasarawa State for its achievements in agriculture and mining. She highlighted the state’s efforts in developing agricultural value chains for commodities like sesame, rice, and ginger, and its focus on adding value to its vast lithium deposits.

Nasarawa State Governor Abdullahi Sule thanked the AfDB for its support, particularly for funding the Keffi and Akwanga water supply projects. These projects include intake facilities, pumping stations, a treatment plant, extensive pipelines, and related infrastructure.

The summit drew local and international investors, private sector representatives, and senior government officials, showcasing Nasarawa’s potential for sustainable economic growth.