FG Secures $1.1 Billion AfDB Loan to Power 5 Million Nigerians by 2026
The Federal Government has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity for five million Nigerians by the end of 2026.
Presidential Special Adviser on Information & Strategy, Bayo Onanuga, revealed this in a statement, noting that President Bola Tinubu made the announcement at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Tinubu, represented by the Minister of Power, Adebayo Adelabu, also highlighted AfDB’s $200 million investment in the Nigeria Electrification Project, which aims to deliver electricity to 500,000 people by 2025.
Additionally, the president expressed anticipation for the AfDB’s $1.2 billion investment in Nigeria’s Desert-to-Power initiative and battery energy storage systems. These projects, including a $700 million allocation for solar power and a $500 million battery storage facility, are expected to provide electricity to two million more people.
Tinubu also reaffirmed the government’s commitment to the World Bank’s $750 million support for mini-grids and standalone solar systems, targeting 16.2 million people.
Acknowledging the efforts of key global stakeholders, including the World Bank, AfDB, UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development, Tinubu emphasized the need for collective action to bridge Africa’s energy gap.
