BREAKING NEWS: Nigeria Secures $1.1 Billion AfDB Loan To Electrify 5 Million Homes By 2026.
In a landmark announcement at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, Nigeria has secured a significant $1.1 billion loan from the African Development Bank (AfDB) aimed at providing electricity to 5 million Nigerians by the end of 2026. The news was shared by Bayo Onanuga, Special Adviser to the President on Information & Strategy, with the official statement delivered by Adebayo Adelabu, the Minister of Power.
President Bola Tinubu, in his address, outlined this ambitious initiative alongside other ongoing projects, stating, “I 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.” He further pledged his commitment, saying, “As Nigeria’s President, I am committed to making energy access a top priority.”
The President was optimistic about further investments from the AfDB, discussing planned initiatives like the $700 million investment in the Nigeria Desert to Power programme and a $500 million facility for the Nigeria-Grid Battery Energy Storage System, which together are expected to serve an additional two million people. He also touched on a broader $1.2 billion investment aimed at similar objectives.
President Tinubu also highlighted Nigeria’s collaborative efforts with international bodies to enhance energy access, mentioning, “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.”
In his concluding remarks, President Tinubu expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina of AfDB for their transformative vision, which he believes “will light up and power Africa.” He also acknowledged the supportive roles of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development. He emphasized the urgency of the situation, stating, “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.”
This series of investments and initiatives marks a pivotal moment for Nigeria’s energy sector, promising not only to bring light to millions of homes but also to stimulate economic growth, enhance security, and improve the quality of life for countless Nigerians. The international community’s commitment to Nigeria’s electrification goals underscores a collective push towards a sustainable and energized Africa.
