The African Development Bank, AfDB has pledged to invest $1.44 billion in Nigeria.

The money will be used to facilitate the development of energy, power, transport, water, and sanitation infrastructure in Nigeria.

The financial institution’s President, Akinwunmi Adeshina, disclosed this in a recent statement at the Nasarawa Investment Summit 2024.

Adeshina, represented by Lamin Barrow, the Director-General of the AfDB’sAfDB’s Nigeria Country Department, said Nigeria faces a huge infrastructure deficit, which inhibits its efforts to diversify its non-oil production and achieve international export competitiveness.

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.

Citing the 2020 National Integrated Infrastructure Master Plan, he stressed that Nigeria needs to invest an estimated $2.3 trillion in total infrastructure between 2020 and 2043.

“To address this problem, the African Development Bank supports the federal and state governments to improve the national and state infrastructure. As of April 2024, 31 per cent of the Bank’s active portfolio, valued at $1.44 billion, supports infrastructure development in Nigeria.”