The Nigerian government has secured a $1.1 billion loan from the African Development Bank (AfDB) to expand electricity access for five million people by the end of 2026.
President Bola Tinubu announced this in a speech delivered on his behalf by Minister of Power Adebayo Adelabu at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Tinubu reaffirmed his administration’s commitment to ensuring universal energy access, highlighting the AfDB’s significant investment in Nigeria’s power sector. He noted that an additional $200 million from the AfDB for the Nigeria Electrification Project is expected to provide electricity for 500,000 people by the end of 2025.
“This is an ambitious goal, but we can achieve it together,” Tinubu stated.
Beyond the $1.1 billion loan, Tinubu revealed that Nigeria is expecting a further $1.2 billion investment from AfDB, which includes $700 million for the Nigeria Desert to Power programme, aimed at leveraging solar energy for rural electrification, and $500 million for the Nigeria-Grid Battery Energy Storage System, designed to improve electricity stability and benefit an additional two million people.
Tinubu expressed appreciation for AfDB President Akinwunmi Adesina and World Bank Group President Ajay Banga for their contributions toward Africa’s energy transformation.
“Their transformative vision will light up and power Africa,” he said, emphasizing Nigeria’s commitment to fostering partnerships that drive economic growth and energy security.
