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FG secures $1.1bn AfDB loan to boost electricity for 5 Million Nigerians by 2026

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The Federal Government has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to five million Nigerians by the end of 2026.

Presidential Adviser on Information and Strategy, Bayo Onanuga, revealed this in a statement, noting that President Bola Tinubu made the announcement at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

In addition, Tinubu disclosed that AfDB has committed $200 million to the Nigeria Electrification Project, which is expected to provide power to 500,000 people by the end of 2025.

Speaking through the Minister of Power, Adebayo Adelabu, Tinubu stated:

“I acknowledge AfDB’s $1.1 billion, expected to provide electricity for 5 million people by the end of 2026, while its $200 million investment in the Nigeria Electrification Project will provide power 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.”

The president also expressed anticipation for AfDB’s planned $1.2 billion investment in Nigeria’s Desert-to-Power initiative and battery storage infrastructure for the national grid.

“We 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, which will provide electricity for an additional two million people,” Tinubu added.

He further noted that the government is working to implement the World Bank’s $750 million initiative aimed at expanding Nigeria’s energy access through mini-grids and standalone solar systems. This, he said, would provide electricity to 16.2 million people.

President Tinubu thanked World Bank Group President Ajay Banga and AfDB President Akinwunmi Adesina for their commitment to transforming Africa’s energy sector. He also recognized the contributions of the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.

“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,” he emphasized.