Nigeria Secures $1.1 Billion Loan from AfDB to Provide Electricity for 5 Million Nigerians by 2026

Nigeria has successfully secured a $1.1 billion loan from the African Development Bank (AfDB) to improve electricity access for approximately 5 million Nigerians by the end of 2026. This significant milestone was announced by President Bola Ahmed Tinubu, who shared the update through the Minister of Power, Adebayo Adelabu, during his speech at the recently concluded two-day Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania.

In a statement released by Tinubu’s spokesperson, Bayo Onanuga, the President emphasized that this substantial funding will play a crucial role in closing the energy access gap in Nigeria, ensuring that millions of Nigerians, particularly those in underserved areas, have access to reliable and sustainable electricity.

In addition to the $1.1 billion loan, Nigeria has also secured an additional $200 million from the AfDB to fund the Nigerian Electrification Project. This initiative aims to provide electricity to 500,000 people by the end of 2025, further demonstrating the country’s commitment to expanding energy access across its vast population.

“I (President Tinubu) acknowledge the AfDB’s generous support, including the $1.1 billion loan, which is expected to bring electricity to 5 million people by the end of 2026. Additionally, the $200 million allocated to the Nigeria Electrification Project will ensure that 500,000 people have access to electricity by 2025,” said Tinubu. “This is an ambitious yet achievable goal, and I believe that through collective effort, we can meet this challenge.”

The statement concluded with President Tinubu reaffirming his commitment to prioritizing energy access and working towards a future where every Nigerian has access to reliable electricity.

Following the summit, President Tinubu returned to Abuja on Tuesday after attending the two-day energy conference in Tanzania, marking another step forward in Nigeria’s energy development initiatives.

Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.

To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732