Nigeria Secures $1.1 Billion AfDB Loan to Boost Electricity Access by 2026
By DAYO ADESULU
The Federal Government has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to five million Nigerians by the end of 2026.
Presidential Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement, revealing that President Bola Tinubu made the announcement at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
Ambitious Plans for Energy Expansion
In his address, delivered by Minister of Power Adebayo Adelabu, Tinubu reaffirmed his commitment to expanding energy access.
💬 “I acknowledge AfDB’s $1.1 billion investment, which is expected to provide electricity for five million people by 2026. Additionally, AfDB’s $200 million funding for the Nigeria Electrification Project will power 500,000 more people by the end of 2025.”
More Funding for Power Initiatives
Beyond the AfDB loan, Tinubu highlighted additional funding to strengthen Nigeria’s energy sector:
⚡ $1.2 billion AfDB investment in the Desert-to-Power programme and Nigeria-Grid Battery Energy Storage System.
⚡ $700 million allocation for the Desert-to-Power initiative, aimed at boosting energy supply.
⚡ $500 million facility for the Nigeria-Grid Battery Energy Storage System, expected to provide electricity to two million more people.
⚡ $750 million World Bank initiative to expand distributed energy access through mini-grids and standalone solar systems, benefiting 16.2 million Nigerians.
Collaborating to Power Africa
Tinubu expressed appreciation to key stakeholders, including World Bank President Ajay Banga, AfDB President Akinwumi Adesina, and organizations such as UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
💬 “Africa is rich in energy resources, yet millions still lack access to reliable and affordable power. This situation is unacceptable, and it is our collective responsibility to change this narrative.”
With these investments, Nigeria aims to accelerate energy access, reduce electricity shortages, and drive economic growth in underserved communities.