Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to expand electricity access to five million people by the end of 2026, President Bola Tinubu has announced.
According to a statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy, Tinubu made the disclosure through the Minister of Power, Adebayo Adelabu, at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Additionally, the AfDB has committed $200 million to Nigeria’s Electrification Project, which aims to provide power to 500,000 people by the end of 2025.
“This is an ambitious goal, but we can achieve it together,” Tinubu said. “As Nigeria’s President, I am committed to making energy access a top priority.”
More Investments in Nigeria’s Power Sector
Beyond the $1.1 billion loan, Nigeria is also expecting further investments from the AfDB, including:
- $700 million for the Nigeria Desert to Power Programme
- $500 million for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people
The government is also working on ensuring the effective deployment of the World Bank’s $750 million funding for distributed energy access, including mini-grids and standalone solar systems. This initiative is expected to bring electricity to 16.2 million Nigerians.
Partnerships for Africa’s Energy Transformation
Tinubu expressed gratitude to AfDB President Akinwumi Adesina and World Bank President Ajay Banga for their contributions to Africa’s energy development. He also recognized the support of the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy,” Tinubu said. “This situation is unacceptable. It is our responsibility to take collective action to change this narrative.”
These efforts align with Nigeria’s broader vision to enhance energy security, improve economic productivity, and ensure sustainable development across the country.
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