Tinubu Secures $1.1bn Loan To Provide Electricity For 5 Million Nigerians By 2026

Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity for 5 million people by the end of 2026....Read Full Article >>➤

The announcement was made by Bayo Onanuga, Special Adviser to the President (Information & Strategy), with the speech presented by Adebayo Adelabu, Minister of Power, at the recently concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

President Bola Tinubu stated, “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 emphasized his commitment, saying, “As Nigeria’s President, I am committed to making energy access a top priority.”

In addition to this, President Tinubu expressed optimism about the AfDB’s planned investments in Nigeria’s energy sector. He said, “We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people.” He also highlighted the $1.2 billion investment in the Nigeria Desert to Power programme and facility for the Nigeria-Grid Battery Energy Storage System.

Tinubu also mentioned Nigeria’s ongoing efforts to expand energy access, saying, “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.”

The President concluded his remarks by expressing gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina of AfDB for their transformative vision, which he said “will light up and power Africa.” He also acknowledged the contributions of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development. “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 added. ...Read Full Article >>➤