Business
Nigeria Secures $1.1b AfDB Loan To Provide Electricity
Nigeria has secured a $1.1 billion loan from the African Development Bank to provide electricity for 5 million people by the end of 2026.
President Bola Tinubu disclosed this while speaking through the Minister of Power, Adebayo Adelabu, in the just-concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
In a statement by Tinubu’s spokesperson, Bayo Onanuga, the fund would help Nigeria close the energy access gap in the country.
This comes as the country also secured AfDB’s $200 million for the Nigerian Electrification Project aimed at providing 500,000 people electricity by the end of 2025.
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“I (Tinubu) 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,” the statement reads.
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