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, President Bola Tinubu has announced.
The President’s remarks were delivered by Minister of Power Adebayo Adelabu at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Tinubu also highlighted the AfDB’s $200 million investment in the Nigeria Electrification Project, which is expected to provide electricity to 500,000 people by the end of 2025.
“I acknowledge AfDB’s $1.1 billion, expected to provide electricity for five million people by the end of 2026, while its $200 million in the Nigeria Electrification Project will provide electricity for 500,000 people by the end of 2025,” Tinubu stated. “This is an ambitious goal, but we can achieve it together.”
The President further disclosed that Nigeria is expecting an additional $1.2 billion AfDB investment in key energy projects, including the Nigeria Desert to Power programme and the Nigeria-Grid Battery Energy Storage System.
“We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and its $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people,” Tinubu said.
He also reaffirmed Nigeria’s commitment to ensuring the effective utilization of the World Bank’s $750 million support for expanding distributed energy access. This initiative, involving mini-grids and standalone solar systems, aims to provide electricity to 16.2 million people.
President Tinubu expressed gratitude to World Bank President Ajay Banga and AfDB President Akinwumi Adesina for their leadership in supporting Africa’s energy development. He also acknowledged the contributions of the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy,” Tinubu stated. “This situation is unacceptable. It is our responsibility to take collective action to change this narrative.”
