President Bola Tinubu’s administration 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.
This was disclosed in a statement by the spokesman of the President, Chief Bayo Onanuga.
Though, the loan was facilitated following the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania which President Tinubu attended.
According to Mr. Tinubu, the initiative is part of his administration’s commitment to expanding electricity access and fostering economic growth.
He further noted that the AfDB’s $200 million investment in the Nigeria Electrification Project would ensure power supply to 500,000 people by the end of 2025.
Tinubu, whose speech was delivered by the Minister of Power, Adebayo Adelabu, said “I (Tinubu) 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. As Nigeria’s President, I am committed to making energy access a top priority.”
Meanwhile, the President is also expecting to get the planned $1.2 billion AfDB investment in Nigeria’s Desert-to-Power programme and facility for the Nigeria-Grid Battery Energy Storage System.
“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.
“We have equally begun making plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems that will provide access to power to 16.2 million people,” Tinubu said.
President Tinubu also thanked Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina of AfDB for their transformative vision, which he said “will light up and power Africa.”
He also applauded the contributions of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
Tinubu said, “As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy.
“This situation is unacceptable. It is our responsibility to take collective action to change this narrative.”