The African Development Bank (AfDB) has announced a new Country Strategy Paper (CSP) for Nigeria, which marks a significant step in its ongoing partnership with the country to drive sustainable economic growth.
The announcement came during a high-level meeting between the Wale Edun, minister of finance and coordinating minister of the economy and an AfDB delegation led by Abdul Kamara, the Director General of the Nigeria Country Department.
The meeting which held in Abuja underscored the AfDB’s commitment to strengthening its collaboration with Nigeria, particularly in the areas of economic revitalisation and development.
Kamara highlighted the launch of the new CSP, a strategic document that will guide the bank’s interventions in Nigeria over the next few years, focusing on key areas including agriculture, infrastructure, and youth entrepreneurship.
The AfDB’s CSP is a strategic framework designed to guide the bank’s engagement and support for Nigeria’s development efforts over a specific period.
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The CSP aligns with the country’s national development goals and the AfDB’s broader objectives of fostering inclusive and sustainable growth.
A cornerstone of the new strategy is the continuation of the National Agricultural Growth Scheme (NAGS), with the second phase of the initiative expected to further boost Nigeria’s agricultural sector.
Alongside this, the AfDB will continue its support for the Special Agro-Industrial Processing Zones (SAPZ), aimed at enhancing agricultural value chains and fostering economic diversification.
In a bid to address Nigeria’s unemployment crisis and tap into its youthful population, the AfDB is also focusing on initiatives like the Youth Enterprise Investment Fund, which aims to empower young Nigerians with the skills, resources, and financial backing needed to succeed in business.
Minister Edun praised the AfDB for its vital role in Nigeria’s economic recovery, particularly through its support for agriculture, infrastructure development, and youth empowerment.
He emphasized the importance of the AfDB’s ongoing partnership with Nigeria, noting that the bank’s support is crucial to driving sustainable economic growth and creating long-term jobs.
“Today’s meeting reaffirms the importance of collaboration between Nigeria and the AfDB,” said Edun.
“Their continued support helps us address critical challenges, from infrastructure gaps to boosting our agricultural productivity and creating opportunities for our youth.”
