The Federal Government of Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity for 5 million people by the end of 2026. Special Adviser to the President (Information & Strategy), Bayo Onanuga, disclosed this in a statement.
President Bola Tinubu announced the loan at the two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania on Wednesday.
Additional Investments in Energy Projects
Tinubu also stated that AfDB’s $200 million investment in the Nigeria Electrification Project would provide electricity for 500,000 people by the end of 2025.
“I acknowledge AfDB’s $1.1 billion, expected to provide electricity for 5 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 said.
“This is an ambitious goal, but we can achieve it together. As Nigeria’s President, I am committed to making energy access a top priority.”
The president said he also expects another $1.2 billion AfDB investment in Nigeria’s Desert-to-Power programme and the Nigeria-Grid Battery Energy Storage System.
“We look forward to 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,” the president added.
Appreciation To Development Partners
Tinubu also talked about plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems, providing 16.2 million people with access to power.
He thanked Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina of AfDB for their transformative vision, which he said “will light up and power Africa.”
He also applauded 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,” Tinubu said. “This situation is unacceptable. It is our responsibility to take collective action to change this narrative.“
The president returned to Nigeria in the early morning hours of Thursday.
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