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The African Development Bank (AfDB) has invested $1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure in Nigeria. This was disclosed by the Director General of AfDB’s Nigeria Country Department, Lamin Barrow, at the Nasarawa Investment Summit 2024, which held from 15 – 16 May, in Lafia, Nasarawa State, North Central Nigeria.

Barrow noted that Nasarawa State, and indeed Nigeria, face a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.

According to the 2020 National Integrated Infrastructure Master Plan, Nigeria requires, between 2020 and 2043, total infrastructure investments estimated at $2.3 trillion, to raise its infrastructure stock to the international benchmark of 70% of GDP.

“To address this problem, the African Development Bank is supporting the federal and state governments to improve the national and states’ infrastructure. As of April 2024, 31 percent of the Bank’s active portfolio, valued at $1.44 billion, is supporting infrastructure development in Nigeria,” Barrow said in a speech he read on behalf of the Group’s President, Akinwumi Adesina.