Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) aimed at providing electricity to 5 million people by the end of 2026.
In 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, President Bola Tinubu highlighted the country’s commitment to expanding energy access.
Tinubu also announced that AfDB’s $200 million investment in the Nigeria Electrification Project would provide electricity to 500,000 people by the end of 2025. “I acknowledge AfDB’s $1.1 billion, which will bring electricity to 5 million people by 2026, and its $200 million investment in the Nigeria Electrification Project to power 500,000 people by 2025. This is an ambitious goal, but it is achievable,” Tinubu said. “As Nigeria’s President, I am committed to making energy access a top priority.”
In addition to these initiatives, President Tinubu expressed anticipation for AfDB’s planned $1.2 billion investment in the Nigeria Desert to Power program, as well as a $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity to an additional 2 million people.
“We are also preparing for the World Bank’s $750 million support to expand Nigeria’s distributed energy access through mini-grids and standalone solar systems, which will provide electricity to 16.2 million people,” Tinubu added.
The president also extended his gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina, President of AfDB, for their transformative leadership, which he said would “light up and power Africa.” He also recognized the contributions of the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“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 collective responsibility to change this narrative,” Tinubu concluded.
