Tinubu said Nigeria has secured a $1.1 billion AfDB loan to power 5 million people by 2026.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Bola Tinubu conveyed his message through a speech delivered by the Minister of Power, Adebayo Adelabu, at the recently concluded two-day Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania.

President Tinubu highlighted that the African Development Bank (AfDB) has committed $200 million to the Nigeria Electrification Project, which aims to provide electricity to 500,000 people by the end of 2025. Additionally, he acknowledged the AfDB’s $1.1 billion investment, expected to supply electricity to 5 million people by the end of 2026.

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

The President also outlined plans for the anticipated $1.2 billion investment from the AfDB for the Nigeria Desert to Power programme and the Nigeria-Grid Battery Energy Storage System.

“We are looking forward to the AfDB’s planned $700 million investment in the Desert to Power programme and its $500 million facility for the Grid Battery Energy Storage System, which will bring electricity to an additional two million people,” Tinubu added.

He further noted ongoing preparations to implement the World Bank’s $750 million support for expanding distributed energy access in Nigeria. This initiative, through mini-grids and standalone solar systems, is projected to provide electricity to 16.2 million people.

President Tinubu expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina, President of the AfDB, for their visionary leadership. He also commended the efforts 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,” Tinubu remarked. “This situation is unacceptable. It is our collective responsibility to change this narrative and take decisive action.”