The Nigerian government has secured a $1.1 billion loan from the African Development Bank (AfDB) to improve electricity access for 5 million people by the end of 2026. President Bola Ahmed Tinubu made this announcement at the Mission 300 Africa Energy Summit in Tanzania, where he was represented by the Minister of Power, Adebayo Adelabu. This funding is part of Nigeria’s broader plan to expand energy access and boost economic growth.
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In addition to this, AfDB has allocated $200 million to the Nigeria Electrification Project, which aims to provide electricity to 500,000 people by the end of 2025. The government is also expecting a $1.2 billion investment from AfDB, including $700 million for the Desert-to-Power programme and $500 million for the Nigeria-Grid Battery Energy Storage System, which will benefit another 2 million people.
Nigeria is also set to receive $750 million from the World Bank to support distributed energy access through mini-grids and standalone solar systems, which will provide power to 16.2 million people. President Tinubu thanked AfDB President Akinwumi Adesina, World Bank President Ajay Banga, and other global organizations for their efforts in advancing energy access across Africa.
Despite being rich in energy resources, Nigeria has struggled with power shortages for years, affecting businesses and households. The latest funding is expected to improve electricity supply, promote renewable energy, and enhance grid stability. The government’s commitment to solving the energy crisis through strategic investments and international partnerships is a step toward achieving reliable power for all Nigerians. However, the success of these projects will depend on effective implementation, infrastructure development, and policy reforms. If executed properly, these initiatives will drive economic growth, create jobs, and improve the quality of life for millions of Nigerians.
