The Federal Government of Nigeria 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. This was announced by President Bola Tinubu, through his Special Adviser on Information & Strategy, Bayo Onanuga, during the Mission 300 Africa Energy Summit in Tanzania. Additionally, AfDB has committed $200 million to Nigeria’s Electrification Project, which aims to supply power to 500,000 people by 2025.
President Tinubu, represented by Minister of Power Adebayo Adelabu, emphasized the government’s commitment to expanding energy access in Nigeria. He also highlighted AfDB’s planned $1.2 billion investment in the Desert-to-Power programme and the Nigeria-Grid Battery Energy Storage System. The World Bank is also contributing $750 million to develop mini-grids and standalone solar systems, expected to provide electricity to 16.2 million people.
Tinubu expressed appreciation for the support from AfDB, the World Bank, and global organizations such as the UN Sustainable Energy For All and the Rockefeller Foundation. He underscored the need for Africa to harness its rich energy resources to ensure reliable and affordable electricity for all citizens, calling for collective action to tackle the continent’s energy crisis.
Source: VANGUARD