President Bola Tinubu has announced Nigeria’s successful acquisition of a $1.1 billion funding package from the African Development Bank (AfDB) to expand electricity access to five million people by the end of 2026. Additionally, the AfDB’s $200 million investment in the Nigeria Electrification Project is expected to provide power to 500,000 people by the end of 2025.
This development was revealed in a speech delivered by Adebayo Adelabu, Minister of Power, at the Mission 300 Africa Energy Summit held in Dar es Salaam, Tanzania. Tinubu reaffirmed his administration’s commitment to prioritizing energy access, emphasizing that Nigeria’s ambitious electrification goals are achievable through collaboration.
The AfDB, through its Vice President for Power, Energy, Climate Change, and Green Growth, Kevin Kariuki, had earlier pledged $1 billion in support of Nigeria’s energy sector during the Eighth Africa Energy Marketplace (AEMP) Forum in Abuja. Kariuki stated that the bank would soon seek board approval for a policy-based operation (PBO) to support Nigeria’s ongoing power sector reforms, aligned with the country’s new Electricity Act. This initiative aims to enhance energy infrastructure by financing 500 kilometers of transmission lines and constructing four substations with a combined capacity exceeding 1,000 Mega Volt Ampere (MVA).
Beyond the initial funding, Nigeria anticipates further investments from the AfDB, including $700 million for the Nigeria Desert to Power Program and $500 million for the Nigeria-Grid Battery Energy Storage System, expected to provide electricity to an additional two million people. Furthermore, Tinubu highlighted the World Bank’s $750 million support for expanding distributed energy access through mini-grids and standalone solar systems, which will extend electricity to 16.2 million Nigerians.
President Tinubu expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwumi Adesina, President of the African Development Bank, for their leadership in driving Africa’s energy transformation. He also recognized the contributions of key global partners, including the UN Sustainable Energy for All, the Rockefeller Foundation and the Global Energy Alliance for Development
Tinubu emphasized that despite Africa’s vast energy resources, millions still lack access to reliable and affordable electricity. He called for collective action to change this reality, stressing that energy access is crucial for economic development.
Following discussions at the summit, leaders from 12 African countries, including Nigeria, Chad, Côte d’Ivoire, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Senegal, Tanzania, and Zambia, signed a joint declaration reaffirming their commitment to expanding electricity access over the next five years. Each country will implement National Energy Compacts, outlining targeted policy measures to address energy challenges and set sector-specific goals.
This initiative represents a unified effort to enhance energy security and economic growth across the continent.
