President Bola Tinubu announced that 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. In a speech delivered by Minister of Power Adebayo Adelabu at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, Tinubu highlighted the AfDB’s $200 million investment in the Nigeria Electrification Project, which is expected to supply electricity to 500,000 people by the end of 2025.
“This ambitious goal is achievable,” Tinubu stated. “As President, I am committed to prioritizing energy access.” He also anticipates a $1.2 billion AfDB investment in the Nigeria Desert to Power program and a $700 million investment in the Nigeria Grid Battery Energy Storage System, which will together provide electricity for an additional 2 million people.
Furthermore, Tinubu mentioned plans to enhance the effectiveness of the World Bank’s $750 million support to expand Nigeria’s distributed energy access through mini-grids and standalone solar systems, aiming to serve 16.2 million people.
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He expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina of AfDB for their transformative vision, stating it “will light up and power Africa.” Tinubu also recognized the efforts of the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development, emphasizing the need for collective action to change the narrative given that millions in Africa still lack reliable and affordable energy.
Nigeria Lands $1.1 Billion AfDB Deal to Electrify 5 Million Homes by 2026
