Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity for 5 million people by 2026.
President Bola Tinubu shared this news through a speech delivered by Adebayo Adelabu, Minister of Power, at the recently concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
According to Bayo Onanuga, Special Adviser to the President (Information & Strategy), Tinubu also highlighted that AfDB’s $200 million contribution to the Nigeria Electrification Project will bring electricity to 500,000 people by 2025.
“I acknowledge AfDB’s $1.1 billion, which will provide electricity for 5 million people by the end of 2026, while its $200 million in the Nigeria Electrification Project will light up 500,000 homes by 2025,” Tinubu said. “This is an ambitious goal, but we can achieve it together. As Nigeria’s President, I am committed to making energy access a top priority.”
Additionally, Tinubu outlined plans to secure a $1.2 billion investment from AfDB for the Nigeria Desert to Power programme and a $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will power another 2 million people.
“We look forward to AfDB’s $700 million investment in the Desert to Power programme and the $500 million facility for the Nigeria-Grid Battery Energy Storage System,” Tinubu added. “These projects will bring electricity to an additional 2 million people.”
The president also mentioned ongoing efforts to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s energy access through mini-grids and standalone solar systems, which will provide power to 16.2 million people.
Tinubu expressed his gratitude to Ajay Banga, President of the World Bank, and Akinwunmi Adesina, President of AfDB, for their transformative leadership, which he believes “will light up and power Africa.” He also praised the contributions of the UN Sustainable Energy for All initiative, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“As we know, 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.”
