Tinubu Govt Takes ‘Fresh’ Loan To Provide Electricity For 5 Million Nigerians

The Federal Government has obtained a loan of $1.1 billion from the African Development Bank (AfDB) aimed at providing electricity to 5 million individuals by the conclusion of 2026.

The Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Bayo Onanuga, conveyed this information initially announced by the Minister of Power, Adebayo Adelabu, during the recent two-day Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania.

Additionally, President Tinubu highlighted that the AfDB’s investment of $200 million in the Nigeria Electrification Project is set to deliver electricity to 500,000 people by the end of 2025.

Furthermore, the Nigerian president anticipates securing a planned investment of $1.2 billion from the AfDB for the Nigeria Desert to Power initiative, as well as for the Nigeria-Grid Battery Energy Storage System.

Tinubu also emphasized that his administration has initiated preparations to enhance the effectiveness of the World Bank’s $750 million support, which aims to expand Nigeria’s distributed energy access through mini-grids and standalone solar systems, ultimately benefiting 16.2 million people.

He said: “I (Tinubu) acknowledged AfDB’s $1.1 billion, expected to provide electricity for 5 million people by the end of 2026, while its $200 million in the Nigeria Electrification Project will provide electricity for 500,000 people by the end of 2025.

“This is an ambitious goal, but we can achieve it together,” Tinubu said. “As Nigeria’s President, I am committed to making energy access a top priority.”

“We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people.

“We have equally begun making plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems that will provide access to power to 16.2 million people.”

President Tinubu thanked the President of the World Bank Group, Ajay Banga, and Akinwunmi Adesina of AfDB for their transformative vision, which he said “will light up and power Africa.”

The Nigerian leader also commended the contributions of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.

“As we all know, 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,” Tinubu said.