The Nigerian government has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to five million people by the end of 2026.
Special Adviser to the President on Information & Strategy, Bayo Onanuga, disclosed this in a statement, highlighting President Bola Tinubu’s remarks at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Delivering Tinubu’s speech, Minister of Power Adebayo Adelabu emphasized the administration’s commitment to energy expansion, noting that an additional $200 million investment in the Nigeria Electrification Project will bring electricity to 500,000 people by the end of 2025.
“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,” Tinubu stated.
Additionally, the Nigerian government is expecting further AfDB investments, including:
- $700 million for the Nigeria Desert-to-Power programme
- $500 million for the Nigeria-Grid Battery Energy Storage System, which will provide electricity to another two million people
Tinubu also highlighted plans to maximize the World Bank’s $750 million initiative to expand Nigeria’s distributed energy access via mini-grids and standalone solar systems, targeting 16.2 million people.
He expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina, President of AfDB, for their commitment to Africa’s energy transformation.
“As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy. This situation is unacceptable. It is our responsibility to take collective action to change this narrative,” Tinubu declared.
