Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to expand electricity access to five million people by 2026.
The investment is part of a broader push to tackle Nigeria’s chronic power shortages, which have left millions without reliable energy. The announcement was made on behalf of President Bola Tinubu by Minister of Power, Adebayo Adelabu, at the Mission 300 Africa Energy Summit in Tanzania.
“This is an ambitious goal, but we can achieve it together,” President Tinubu said. “I am committed to making energy access a top priority.”
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The AfDB is also injecting $200 million into Nigeria’s Electrification Project, which aims to provide power to 500,000 people by the end of 2025. Additionally, a planned $1.2 billion investment will support the Nigeria Desert to Power programme and the Nigeria-Grid Battery Energy Storage System.
“We look forward to the AfDB’s $700 million investment in the Desert to Power programme and a $500 million facility for battery storage,” Tinubu added. “This will provide electricity for another two million people.”
The World Bank is also backing Nigeria’s energy transition with a $750 million investment in mini-grids and standalone solar systems. This initiative is expected to benefit 16.2 million people, boosting access to sustainable energy.
President Tinubu expressed gratitude to AfDB President Akinwunmi Adesina and World Bank Group President Ajay Banga for their commitment to Africa’s energy transformation. He also acknowledged support from the UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“Africa is rich in energy resources, yet millions remain in darkness,” Tinubu said. “This situation is unacceptable. It is our responsibility to change the narrative.”
