President Tinubu announces Nigeria has secured $1.1bn AfDB loan to provide electricity for 5 million people by 2026
Chinenye Ogbonna10 minutes ago0 1 minute read
Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to 5 million people by the end of 2026.
Presidential adviser Bayo Onanuga announced the deal, with Power Minister Adebayo Adelabu presenting the details at the Mission 300 Africa Energy Summit in Tanzania.
President Bola Tinubu also highlighted Nigeria’s plans to utilize a $750 million World Bank fund to expand energy access through mini-grids and standalone solar systems, aiming to reach 16.2 million people.
Tinubu expressed gratitude to AfDB President Akinwunmi Adesina, World Bank President Ajay Banga, and other global partners for their efforts in improving Africa’s energy sector, emphasizing the urgent need for reliable and affordable electricity across the continent.
President Bola Tinubu stated, “I acknowledged 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. This is an ambitious goal, but we can achieve it together.” He further emphasized his commitment, saying, “As Nigeria’s President, I am committed to making energy access a top priority.”
In addition to this, President Tinubu expressed optimism about the AfDB’s planned investments in Nigeria’s energy sector. He said, “We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people.” He also highlighted the $1.2 billion investment in the Nigeria Desert to Power programme and facility for the Nigeria-Grid Battery Energy Storage System.