Nigeria got a shot in the arm for its infrastructure development plans as the African Development Bank (AfDB) pledged $1.44 billion. This investment targets key areas like energy, transportation, water, and sanitation.
The announcement came during the Nasarawa Investment Summit 2024. Lamin Barrow, Director General of the Bank’s Nigeria Country Department, highlighted the significant infrastructure gap hindering Nigeria’s economic diversification and global competitiveness.
The National Integrated Infrastructure Master Plan estimates Nigeria needs a staggering $2.3 trillion by 2043 to bridge this gap. The energy and transport sectors alone require $759 billion and $575 billion respectively.
“The African Development Bank is actively supporting federal and state governments to improve infrastructure nationwide,” said Barrow. He pointed out that 31% of the Bank’s current portfolio in Nigeria, valued at $1.44 billion, is dedicated to infrastructure projects.
Barrow emphasized additional steps needed for an “industrial renaissance” in Nigeria. These include increased domestic investment, boosting agricultural productivity, developing supportive infrastructure, and attracting private sector participation. He also highlighted the importance of adding value to natural resources and improving skills development for youth.
The Summit also saw the Nigerian government’s commitment to economic development. Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment, praised Nasarawa State for its efforts in the mining sector, particularly its focus on processing lithium deposits domestically.
Nasarawa State Governor, Abdullahi Sule, expressed his gratitude to the African Development Bank for its ongoing support. The Bank has already financed water supply schemes in the state and Nasarawa is being considered for the next phase of a special program for agricultural processing zones.