Nigeria Secures $1.1 Billion Loan from AfDB to Enhance Electricity Access.
From Our Correspondent
The federal government of Nigeria, led by President Bola Ahmed Tinubu, has successfully obtained a loan of $1.1 billion from the African Development Bank (AfDB) aimed at providing electricity to 5 million Nigerians by the end of 2026.
President Tinubu made this announcement through the Minister of Power, Adebayo Adelabu, during the recently concluded two-day Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania.
In a statement, Tinubu’s spokesperson, Bayo Onanuga, emphasized that the funding is a significant step towards bridging the energy access gap in the country.
“I acknowledge AfDB’s $1.1 billion, which is expected to provide electricity to 5 million people by the end of 2026,” the statement quoted Tinubu as saying. “Additionally, the $200 million allocated for the Nigeria Electrification Project will facilitate electricity access for 500,000 people by the end of 2025.
While this goal is ambitious, I am confident that we can achieve it together.”
The AfDB’s support underscores the Nigerian government’s commitment to prioritizing energy access as a critical component of the nation’s development strategy.
