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Nigeria Secures AfDB Loan To Expand Power Access By 2026

Published

Thursday, January 30, 2025 at 06:32 PM

Written by Love Patience Tarimoboere

Nigeria Secures AfDB Loan To Expand Power Access By 2026

The Nigerian government has secured a $1.1 billion loan from the African Development Bank (AfDB) to expand electricity access to five million people by the end of 2026. This announcement was made by Bayo Onanuga, Special Adviser to the President on Information and Strategy, following the recent Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

During the summit, President Bola Tinubu, represented by the Minister of Power, Adebayo Adelabu, highlighted the significance of this funding in Nigeria’s efforts to improve energy accessibility. In addition to the $1.1 billion loan, Tinubu acknowledged AfDB’s commitment of $200 million towards the Nigeria Electrification Project, which is expected to provide electricity to 500,000 people by the end of 2025.

“This is an ambitious goal, but we can achieve it together,” Tinubu stated. “As Nigeria’s President, I am committed to making energy access a top priority.”

Beyond the current AfDB funding, the Nigerian government is also anticipating further investments aimed at boosting the country’s energy infrastructure. Tinubu mentioned that AfDB is planning a $1.2 billion investment in Nigeria’s Desert-to-Power programme and the Nigeria-Grid Battery Energy Storage System.

“We also look forward to AfDB’s planned $700 million investment in the Nigeria Desert-to-Power programme and its $500 million facility for the Nigeria-Grid Battery Energy Storage System,” he said. These projects are expected to provide electricity to an additional two million Nigerians.

In addition to AfDB’s efforts, Nigeria is also working with the World Bank to enhance energy access. The government has begun planning for the effective implementation of the World Bank’s $750 million initiative to expand distributed energy solutions, including mini-grids and standalone solar systems. This project is expected to provide electricity to 16.2 million people across the country.

President Tinubu expressed gratitude to key international partners for their role in supporting Africa’s energy development. He specifically thanked Ajay Banga, President of the World Bank Group, and Akinwumi Adesina, President of AfDB, for their transformative leadership in financing energy projects.

He also acknowledged the contributions of organizations such as the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.

Tinubu emphasized the urgent need to address Africa’s energy deficit despite the continent’s vast energy resources. He described the lack of reliable and affordable electricity for millions of Africans as unacceptable.

“As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy,” he said. “It is our responsibility to take collective action to change this narrative.”

With these investments, Nigeria aims to significantly improve electricity access, drive economic growth, and enhance the quality of life for its citizens.

Edited By: Chinedu Eze

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Nigeria Secures ﻿AfDB Loan To Expand Power Access By 2026

“This is an ambitious goal, but we can achieve it together,” Tinubu stated. “As Nigeria’s President, I am committed to making energy access a top priority.”

“We also look forward to AfDB’s planned $700 million investment in the Nigeria Desert-to-Power programme and its $500 million facility for the Nigeria-Grid Battery Energy Storage System,” he said. These projects are expected to provide electricity to an additional two million Nigerians.

He also acknowledged the contributions of organizations such as the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.

Tinubu emphasized the urgent need to address Africa’s energy deficit despite the continent’s vast energy resources. He described the lack of reliable and affordable electricity for millions of Africans as unacceptable.

“As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy,” he said. “It is our responsibility to take collective action to change this narrative.”

With these investments, Nigeria aims to significantly improve electricity access, drive economic growth, and enhance the quality of life for its citizens.

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