The African Development Bank, or AfDB, has granted the Federal Government a $1.1 billion loan to supply power to 5 million people by the end of 2026.
According to a statement released by Bayo Onanuga, Special Advisor to the President, (Information & Strategy), President Bola Tinubu made this announcement during the just concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
By the end of 2025, Tinubu added, 500,000 people would have access to power thanks to the AfDB’s $200 million investment in the Nigeria Electrification Project.
Tinubu, who was accompanied by Adebayo Adelabu, the Minister of Power, stated, “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.”
The president also anticipates receiving the $1.2 billion that the AfDB has planned to invest in Nigeria’s Desert-to-Power initiative and the Nigeria-Grid Battery Energy Storage System facility.
“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 stated.
He expressed gratitude to Akinwunmi Adesina of AfDB and Ajay Banga, President of the World Bank Group, for their revolutionary vision that “will light up and power Africa.”
He also praised the efforts of the Global Energy Alliance for Development, the Rockefeller Foundation, and the UN Sustainable Energy for All.
He 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,” Tinubu added.