The Federal Government has secured a $1.1 billion loan, (approximately ₦1.71trillion) from the African Development Bank (AfDB) for the provision of electricity for 5 million Africans by the end of 2026.
According to President Bola Tinubu’s Special Adviser to the President, (Information & Strategy), the President made this known in a speech presented by Minister of Power, Adebayo Adelabu, at the just-concluded two-day ‘Mission 300 Africa Energy Summit’, which was held in Dar-es-Salaam, Tanzania.
Tinubu also stated that the AfDB’s $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”, Tinubu stated.
Meanwhile, the President is also expecting to get the planned $700 million AfDB investment in the Nigeria Desert-to-Power programme and facility for the Nigeria-Grid Battery Energy Storage System, which he said: “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 stand-alone solar systems, which will provide access to power to 16.2 million people”, he added.
“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 further said.
President Tinubu thanked President of the World Bank Group, Ajay Banga, and Akinwunmi Adesina, of AfDB, for their transformative vision, which he said “will light up and power Africa”.
He also applauded the contributions of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
