The Federal Government has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to 5 million Nigerians by the end of 2026.
This was revealed by President Bola Tinubu during the recently concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania. Tinubu, whose speech was delivered by the Minister of Power, Adebayo Adelabu, highlighted the ambitious goal of the energy project, emphasizing the importance of access to reliable electricity for the nation’s development.
The $1.1 billion loan is part of a broader effort to address Nigeria’s energy needs, with an additional $200 million allocated to the Nigeria Electrification Project, which will provide electricity to 500,000 people by the end of 2025.
The president also spoke about other planned investments, including a $1.2 billion AfDB investment in Nigeria’s Desert-to-Power program and a $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity to an additional 2 million people.
Tinubu expressed gratitude towards Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina of AfDB for their transformative vision. He also acknowledged the support of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“We are committed to taking collective action to ensure that all Nigerians have access to affordable and reliable energy,” said Tinubu. He stressed that while Africa is rich in energy resources, millions of citizens still lack access to electricity, a situation that needs urgent attention.
