FG Secures $1.1 Billion AfDB Loan To Expand Electricity Access For 5 Million Nigerians By 2026

The Nigerian government secures a $1.1 billion AfDB loan to improve electricity access for 5 million people by 2026. Learn more about Tinubu’s energy strategy.

The Federal Government of Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to enhance electricity access for five million people by the end of 2026. This major funding initiative aims to bridge the country’s energy gap and support national development.

Tinubu’s Announcement at Africa Energy Summit

President Bola Ahmed Tinubu, through his Special Adviser on Information & Strategy, Bayo Onanuga, disclosed this significant achievement during the two-day Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania. The president’s remarks were delivered by the Minister of Power, Adebayo Adelabu.

Tinubu acknowledged the crucial role of the AfDB in Nigeria’s energy transformation, highlighting an additional $200 million investment in the Nigeria Electrification Project. This initiative is expected to bring power to 500,000 people by the end of 2025.

Key Highlights of Nigeria’s Energy Investment

$1.1 billion AfDB loan – Targeting electricity access for 5 million people by 2026.
$200 million Nigeria Electrification Project – Set to provide power to 500,000 people by 2025.
$1.2 billion Desert-to-Power Programme – Aimed at expanding Nigeria’s renewable energy capacity.
$500 million Nigeria-Grid Battery Energy Storage System – Expected to provide electricity to an additional 2 million people.
$750 million World Bank support for mini-grids and solar systems – Projected to benefit 16.2 million people.

Strategic Vision for Energy Expansion

President Tinubu reaffirmed his administration’s commitment to prioritizing energy access, emphasizing the need for collaborative efforts to achieve these ambitious goals.

“We must work together to overcome Africa’s energy challenges. With the support of our international partners, we are committed to ensuring that millions of Nigerians gain access to reliable and affordable electricity,” Tinubu stated.

Global Support for Nigeria’s Energy Development

The president expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina, President of the AfDB, for their dedication to transforming Africa’s energy landscape. He also recognized the contributions of organizations like the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.

The Need for Urgent Action

Tinubu underscored the paradox of Africa’s vast energy resources and the continent’s ongoing struggles with electricity access. “It is unacceptable that millions of Africans still lack access to power. We must take decisive action to change this reality,” he urged.

Conclusion

With these landmark investments, Nigeria is making significant strides toward achieving universal electricity access. The government’s focus on renewable energy, battery storage, and mini-grid solutions marks a bold step toward a sustainable and electrified future.