Nigeria has secured a $1.1 billion loan from the African Development Bank to supply electricity to 5 million people by late 2026.
President Bola Ahmed Tinubu announced this through Minister of Power Adebayo Adelabu at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
According to a statement by Tinubu’s spokesperson, Bayo Onanuga, the funds will help bridge Nigeria’s energy access gap. Additionally, the country has obtained a $200 million AfDB loan for the Nigerian Electrification Project, targeting power access for 500,000 people by the end of 2025.
“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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