AfDB approves Nigeria’s new five years 'Country Strategy Paper'

The Board of Directors of the African Development Bank has approved Nigeria's 'Country Strategy Paper' (CSP) 2020-2024, which builds on the successes and challenges of the 2013-2019 edition, according to a news report by busiweek.com.

Ebrima Faal, Senior Director for the African Development Bank in Nigeria, re-affirmed the institution's support for Nigeria's socio-economic advancement.

"In the implementation of the CSP, the Bank will also support Nigeria to address economic shocks associated with the COVID-19 pandemic and oil price shocks by focusing our interventions in sectors that will strengthen public health infrastructure and accelerate efforts towards economic transformation and diversification of export earnings and fiscal revenues from oil, "said Ebrima Faal.

The 2020-2024 CSP identifies supporting infrastructure development and promoting social inclusion through agribusiness and skills development as key priority areas for Nigeria.

These priorities have been selected to leverage Nigeria's rich endowment of natural and human resources toward transforming the lives of its people.

It is in this context that the new CSP has been customized to support government efforts in confronting challenges and to foster long-term, socially inclusive development.

Under the CSP, the Bank will deploy a combination of sovereign and non-sovereign financing instruments to support the two priority areas, including investment and institutional support projects, evidence-based analytical work in numerous economic sectors, policy dialogue, and provision of advisory services.