The Federal Government has secured a $1.1 billion credit facility from African Development Bank (AfDB) to provide electricity for five million people in Nigeria by 2026.
President Bola Tinubu disclosed this at the just concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
The president, according to a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, also revealed that the bank’s $200 million investment in the Nigeria Electrification Project would provide electricity for 500,000 people by the end of this year.
Tinubu commended the AfDB President, Akinwunmi Adesina and his World Bank counterpart, Ajay Banga, for their transformative vision which “would light up and power Africa.”
He said: “I 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. 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.”
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