The African Development Bank (AfDB) has announced an investment of $1.44 billion to aid the development of energy and power, transport, water, and sanitation infrastructure in Nigeria.
President of the financial institution, Akinwunmi Adeshina, made this disclosure in a statement at the Nasarawa Investment Summit 2024, which took place on May 15-16 in Lafia, the capital of Nasarawa State.
Adeshina, who was represented by Director-General of the AfDB’s Nigeria Country Department, Lamin Barrow, said Nigeria faces a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve international competitiveness for exports.
He said that according to the 2020 National Integrated Infrastructure Master Plan, Nigeria needs to invest an estimated $2.3 trillion in total infrastructure between 2020 and 2043.
This investment, he said, is crucial to elevate its infrastructure stock to the international benchmark of 70% of GDP.
He noted that the energy sector requires the most significant portion of this investment, amounting to $759 billion.
According to him, the transport sector also demands considerable financial input, needing an estimated $575 billion to meet the required standards.
