The Federal Government has secured a $1.1 billion loan from the African Development Bank (AfDB) to expand electricity access to 5 million Nigerians by the end of 2026.
This was revealed by Bayo Onanuga, Special Adviser to the President on Information & Strategy, who noted that President Bola Tinubu made the announcement at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Tinubu, represented by Minister of Power Adebayo Adelabu, emphasized the importance of energy access, stating:
> “AfDB’s $1.1 billion will electrify 5 million people by 2026, while an additional $200 million in the Nigeria Electrification Project will provide power to 500,000 people by the end of 2025.”
The President further revealed plans to secure more funding for energy expansion, including:
✅ $700 million from AfDB for the Nigeria Desert-to-Power initiative.
✅ $500 million for a Nigeria-Grid Battery Energy Storage System, expected to power 2 million people.
✅ $750 million from the World Bank for mini-grids and standalone solar systems, targeting 16.2 million people.
Tinubu praised global partners such as Ajay Banga (World Bank President), Akinwumi Adesina (AfDB President), UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development, for their commitment to improving Africa’s power sector.
> “Africa is rich in energy resources, yet millions remain without reliable electricity. This must change,” Tinubu emphasized.
Will these ambitious energy projects transform Nigeria’s power sector? Stay updated with NIGPOST for the latest developments!
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