Nigeria to Power 5 Million Citizens with $1.1 Billion AfDB Loan
President Bola Tinubu has announced that Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to 5 million people by the end of 2026. This initiative aims to enhance energy access and support economic development across the country.
In addition to this loan, the AfDB has committed $200 million to the Nigeria Electrification Project, which is expected to supply electricity to 500,000 people by the end of 2025. Furthermore, the AfDB plans to invest $700 million in the Nigeria Desert to Power program and $500 million in the Nigeria-Grid Battery Energy Storage System, aiming to provide electricity to an additional 2 million people.
These efforts are part of a broader initiative, “Mission 300,” launched by the World Bank and the AfDB, which seeks to connect 300 million Africans to electricity by 2030. The program focuses on expanding and rehabilitating electricity grids at minimal cost, with a significant emphasis on integrating renewable energy sources.