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, as part of efforts to bridge the country’s chronic power deficit.
Thank you for reading this post, don't forget to subscribe!President Bola Tinubu disclosed this in a speech delivered by the Minister of Power, Adebayo Adelabu, at the recently concluded Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania.
According to Bayo Onanuga, Special Adviser to the President on Information & Strategy, Tinubu reaffirmed his administration’s commitment to improving energy access and ensuring reliable power supply for millions of Nigerians.
“I acknowledge the AfDB’s $1.1 billion loan, which is expected to provide electricity for five million people by the end of 2026,” Tinubu stated. “In addition, the AfDB’s $200 million investment in the Nigeria Electrification Project will provide power to 500,000 people by 2025.”
AfDB, World Bank Set to Expand Nigeria’s Power Infrastructure
Beyond the AfDB loan, the Federal Government is also expecting a $1.2 billion investment in Nigeria’s Desert to Power programme, as well as additional funding for battery energy storage projects to stabilize the national grid.
“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 another two million people,” Tinubu revealed.
Similarly, the President highlighted ongoing plans to maximize the World Bank’s $750 million support for Nigeria’s distributed energy access program. This initiative, aimed at expanding mini-grid and standalone solar power systems, is expected to provide electricity for 16.2 million Nigerians.
Tinubu Calls for Collective Action to Solve Africa’s Energy Crisis
President Tinubu commended global financial institutions and development partners, including World Bank President Ajay Banga, AfDB President Akinwumi Adesina, the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development for their roles in transforming Africa’s energy landscape.
“Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable power,” Tinubu stated. “This situation is unacceptable. It is our collective responsibility to change this narrative.”
The Federal Government has vowed to fast-track the implementation of these projects, as Nigeria pushes towards achieving universal electricity access and a more sustainable energy future.
