The Federal Government has successfully secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to 5 million people by the end of 2026, marking a significant milestone in the nation’s efforts to address energy access challenges.
President Bola Tinubu made this announcement during his address at the two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, where his speech was delivered by Minister of Power, Adebayo Adelabu.
“With AfDB’s $1.1 billion, we expect to provide electricity for 5 million people by the end of 2026. In addition, the $200 million allocated to the Nigeria Electrification Project will bring power to 500,000 people by the end of 2025,” President Tinubu stated.
The President emphasized that this ambitious goal is achievable, reaffirming his administration’s commitment to making energy access a top priority for Nigeria.
He further expressed confidence in the collaborative efforts of local and international partners to ensure the success of these energy initiatives.
In his remarks, Tinubu also highlighted additional projects, including a planned $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. Together, these projects aim to provide power for an additional 2 million Nigerians.
Furthermore, the government is preparing for the World Bank’s $750 million investment, which will expand Nigeria’s distributed energy access through mini-grids and solar systems, with the potential to power 16.2 million people.
Tinubu expressed his gratitude to key figures such as Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina, AfDB President, for their transformative vision that is poised to illuminate Africa.
He also thanked other contributors like the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
Reflecting on Africa’s energy resource wealth, Tinubu remarked, “Despite our continent’s rich energy resources, millions of citizens still lack access to reliable and affordable energy. This is an unacceptable situation, and it is our collective responsibility to change this narrative.”
This strategic investment, which includes projects from the African Development Bank and the World Bank, is poised to significantly impact Nigeria’s energy landscape, providing power to millions of underserved citizens and supporting the broader objective of sustainable energy for Africa.