President of AfDB, Akinwunmi Adeshina, (1).jpg
The African Development Bank (AfDB) has announced a $1.44 billion investment to enhance Nigeria's infrastructure, focusing on energy, transport, water, and sanitation. This significant funding aims to address Nigeria's infrastructure deficit and promote sustainable economic growth. The announcement was made at the Nasarawa Investment Summit 2024.

A landmark announcement unfolded at the Nasarawa Investment Summit 2024 as the African Development Bank (AfDB) unveiled plans to inject $1.44 billion into Nigeria's infrastructure development. President of AfDB, Akinwunmi Adeshina, conveyed this pivotal investment during the summit, emphasizing its significance in propelling Nigeria towards sustainable growth and international competitiveness.

Represented by AfDB's Nigeria Country Department Director-General, Lamin Barrow, Adeshina underscored Nigeria's pressing need to bridge its infrastructure gap, hindering efforts to diversify its economy beyond oil production. The investment targets critical sectors including energy and power, transport, water, and sanitation infrastructure, aligning with Nigeria's ambitious development agenda.

Highlighting the magnitude of Nigeria's infrastructure requirements, Adeshina referenced the 2020 National Integrated Infrastructure Master Plan, which estimates a staggering $2.3 trillion investment needed between 2020 and 2043. Notably, the energy sector commands the lion's share, necessitating $759 billion, while transportation demands $575 billion to meet global standards.

Barrow reiterated AfDB's commitment to supporting Nigeria's infrastructure agenda, citing that 31% of the Bank's active portfolio is dedicated to infrastructure development in Nigeria, underscoring the institution's pivotal role in driving sustainable progress.

Dr. Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment, representing President Bola Ahmed Tinubu, lauded Nasarawa State's strides in agriculture and mining sectors. Governor Abdullahi Sule echoed appreciation for AfDB's contributions to Nasarawa's water supply projects, showcasing the bank's tangible impact on local development.

The Nasarawa Investment Summit convened a diverse array of stakeholders, including local and foreign investors, private sector representatives, and senior government officials, signaling collective commitment towards advancing Nigeria's economic prosperity and sustainability.

As AfDB's investment heralds a new era of infrastructure development, Nigeria stands poised to unlock its full potential and chart a path towards inclusive growth and prosperity for its citizens.