Nigeria’s President Bola Tinubu has secured a $1.1 billion fund from the African Development Bank (AfDB) aimed at providing electricity to 5 million people by the end of 2026. Tinubu made the announcement at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, revealing that the AfDB’s $200 million investment in the Nigeria Electrification Project will bring power to 500,000 people by 2025. He reiterated his commitment to improving energy access across the nation.
The AfDB had previously pledged $1 billion in May 2024 for Nigeria’s power sector, supporting reforms driven by the new Electricity Act. The funds will be used to construct 500 kilometers of transmission lines and four substations, ensuring greater capacity for electricity distribution. The AfDB’s ongoing efforts reflect a broad strategy to boost Africa’s energy sector, with Nigeria at the forefront of these initiatives.
Tinubu also highlighted additional funding from the AfDB, including a planned $1.2 billion for the Nigeria Desert to Power programme, and $700 million for the Nigeria-Grid Battery Energy Storage System, which together will further extend power to an additional 2 million people. He also welcomed the World Bank’s $750 million support for expanding mini-grids and solar systems, aiming to provide power to 16.2 million Nigerians.
Source: BUSINESS DAY