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HomeNewsEconomyNigeria secures $1.1 AfDB loan to provide electricity for 5m people

Nigeria secures $1.1 AfDB loan to provide electricity for 5m people

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 Ahmed 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.

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“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.

News360 Info reports that President Tinubu on Tuesday returned to Abuja after attending the two-day energy summit in Tanzania.

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