Nigeria Secures $1.1 Billion AfDB Loan to Light Up 5 Million Homes by 2026

Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to extend electricity to 5 million people by the end of 2026.

President Bola Ahmed Tinubu revealed this through the Minister of Power, Adebayo Adelabu, at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

According to a statement by Tinubu’s spokesperson, Bayo Onanuga, the funds will help Nigeria bridge its energy deficit. Additionally, the country has also secured $200 million from AfDB for the Nigeria Electrification Project, set to provide power to 500,000 people by 2025.

“I acknowledge AfDB’s $1.1 billion support, which is expected to supply electricity to 5 million people by 2026, alongside its $200 million backing for the Nigeria Electrification Project to power 500,000 people by 2025.

“This is an ambitious target, but with collaboration, we will achieve it. As Nigeria’s president, I am committed to prioritizing energy access,” Tinubu stated.

President Tinubu returned to Abuja on Tuesday after attending the two-day energy summit in Tanzania.