Tinubu Government Secures $1.1Billion AfDB Loan to Provide Electricity in Nigeria

Tinubu Government has secured a $1.1 billion AfDB Loan to provide electricity in Nigeria.

Newsone Nigeria reports that 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.

Nigeria’s President, Bola Ahmed Tinubu, through the Minister of Power, Adebayo Adelabu, at 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.

The country also secured the AfDB’s $200 million for the Nigerian Electrification Project, which aims to provide 500,000 people with electricity by the end of 2025.

The statement reads thus; “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.

On Tuesday, President Tinubu returned to Abuja, Nigeria’s capital after attending the two-day energy summit in Tanzania.