Nigeria Secures $1.1 Billion AfDB Loan to Boost Electricity Access for 5 Million People by 2026

Nigeria Secures $1.1 Billion AfDB Loan to Boost Electricity Access for 5 Million People by 2026-OXYGIST

Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to enhance electricity access for five million people by the end of 2026.


Beyond the AfDB loan, Tinubu expressed optimism about additional planned investments in Nigeria’s power sector. He noted:


  • The AfDB's $700 million investment in the Nigeria Desert to Power programme.

  • A $500 million facility for the Nigeria-Grid Battery Energy Storage System, which aims to provide electricity for two million people.

  • A combined $1.2 billion investment to strengthen energy infrastructure.


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


President Bola Tinubu highlighted the significance of the funding, stating, "I acknowledge AfDB’s $1.1 billion loan, expected to provide electricity for five million people by the end of 2026. Additionally, its $200 million investment in the Nigeria Electrification Project will supply power to 500,000 people by 2025. This is an ambitious goal, but together, we can achieve it." He reaffirmed his administration’s commitment, emphasizing that expanding energy access remains a top priority.


Furthermore, Tinubu highlighted Nigeria’s ongoing initiatives to expand energy access. He said, “We have started working on the World Bank’s $750 million support for expanding Nigeria’s distributed energy access through mini-grids and standalone solar systems. This will bring electricity to 16.2 million people.”


The President also acknowledged key global stakeholders, including Ajay Banga (World Bank President) and Akinwunmi Adesina (AfDB President), for their commitment to transforming Africa’s energy landscape. He expressed gratitude to the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development for their contributions to improving electricity access.


"Africa is rich in energy resources, yet millions of our people still lack reliable and affordable electricity. This situation is unacceptable. It is our collective responsibility to change this narrative," Tinubu concluded. 

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