The African Development Bank (AfDB) has granted Nigeria a $1.1 billion loan to supply energy to 5 million people by the end of 2026.
Adebayo Adelabu, the Minister of Power, made the announcement on behalf of President Bola Tinubu during the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.
This funding is part of Nigeria’s overall aim to improve energy access and boost economic growth. The AfDB has also pledged $200 million to the Nigeria Electrification Project, which aims to provide energy to 500,000 people by the end of 2025, in addition to the $1.1 billion loan.
These programs are in line with the World Bank and AfDB’s “Mission 300” plan, which intends to provide power to 300 million Africans by 2030. The goal of the plan is to raise at least $90 billion in capital to upgrade and expand electrical grids at a low cost.
Nigeria, Senegal, Zambia, Tanzania, and other nations have pledged to increase national power connection targets, integrate renewable energy, and restructure their electricity sectors.
The AfDB will provide $10–15 billion to this project, the World Bank will invest $30–40 billion, and private investors will provide the remaining funds. The objective is to supply half of the new connections via current grids and the other half via mini-grids powered by renewable energy sources like solar and wind.
