Nigeria has taken a significant step towards addressing its persistent energy challenges, securing a $1.1 billion loan from the African Development Bank (AfDB).
This funding, announced by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, is earmarked to provide electricity access to 5 million Nigerians by the end of 2026.
The agreement was finalised at the recent Africa Energy Summit in Tanzania.
“President Tinubu 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,” Onanuga’s statement read on X.
This $1.1 billion injection isn't the only support Nigeria is receiving. The AfDB is also expected to invest $700 million in the Nigeria Desert to Power program and has plans for a $500 million facility for the Nigeria-Grid Battery Energy Storage System.
The additional investments are projected to bring electricity to another 2 million people, according to Onanuga.
President Tinubu expressed his gratitude to Ajay Banga, President of the World Bank Group, and Dr. Akinwunmi Adesina of AfDB, recognising their commitment to the continent's development. "Their transformative vision will light up and power Africa," he stated.
President Tinubu emphasised the urgency of addressing Africa’s energy deficit.
“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 asserted.
The President also highlighted Nigeria's ongoing efforts to invest in renewable energy, particularly solar power. "For example, the federal government is in the final stages of developing an electric vehicle (EV) charging infrastructure programme emphasising renewable energy and establishing stricter vehicle emission standards," he noted.
Nigeria, like many African nations, struggles with widespread electricity shortages, with the World Economic Forum data indicating that less than 50% of the Nigerian population has access to regular power.
➤Click here to follow our WhatsApp channel for more stories.
