NIGERIA has obtained a $1.1 billion loan from the African Development Bank (AfDB) to expand electricity access to five million people by the end of 2026.
According to the Special Adviser to the President on Information & Strategy, Bayo Onanuga, Tinubu stated this in a speech delivered by Adebayo Adelabu, Minister of Power, at the recently concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Tinubu also highlighted that the AfDB’s $200 million investment in the Nigeria Electrification Project is expected to provide electricity to 500,000 people by the end of 2025.
“I acknowledge AfDB’s $1.1 billion support, which aims to supply electricity to five million people by 2026, alongside its $200 million investment in the Nigeria Electrification Project, set to benefit 500,000 people by 2025. This is an ambitious target, but together, we can achieve it,” Tinubu stated.
Additionally, Nigeria anticipates securing a $1.2 billion AfDB investment for the Nigeria Desert to Power programme and the Nigeria-Grid Battery Energy Storage System.
“We look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and a $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity to an additional two million people,” Tinubu said.
He also emphasized efforts to maximize the World Bank’s $750 million support for expanding distributed energy access through mini-grids and standalone solar systems, a move expected to provide power to 16.2 million people.
President Tinubu expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina, President of the AfDB, for their transformative energy initiatives.
He also acknowledged the contributions of the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“Africa is abundant in energy resources, yet millions still lack reliable and affordable electricity. This is unacceptable, and it is our collective responsibility to change this narrative,” Tinubu concluded.