Tinubu lauds AfDB’s $1.1bn energy investment to electrify 5million Nigerians by 2026

By Kunle Sanni

President Bola Tinubu has hailed the African Development Bank (AfDB) for its transformative $1.1 billion investment, which is expected to provide electricity access to 5 million Nigerians by the end of 2026.

Speaking at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, the President in a speech read by minister of power, Adebayo Adelabu reaffirmed Nigeria’s commitment to improving electricity access as part of its energy reform agenda.

The Summit, hosted by Tanzania in collaboration with the African Union, AfDB, and the World Bank Group, focused on the ambitious goal of electrifying 300 million Africans by 2030.

Tinubu, represented by Minister of Power Adebayo Adelabu, endorsed the Dar es Salaam Declaration alongside leaders from 12 African nations.

Major Energy Projects in Focus
Highlighting Nigeria’s progress in energy initiatives, President Tinubu acknowledged the AfDB’s $200 million contribution to the Nigeria Electrification Project, which aims to provide electricity to 500,000 Nigerians by the end of 2025.

“The $1.1 billion investment by AfDB will transform the lives of 5 million Nigerians by 2026, while the $200 million Nigeria Electrification Project will impact 500,000 citizens by 2025,” Tinubu stated.

He also revealed additional plans for the AfDB’s $700 million investment in the Nigeria Desert to Power Programme and a $500 million facility for the Nigeria-Grid Battery Energy Storage System, targeting an extra 2 million people.

President Tinubu praised the World Bank’s $750 million support for expanding distributed energy access through mini-grids and solar systems, which will provide power to over 16.2 million Nigerians.

He also welcomed the International Finance Corporation’s (IFC) $70 million commitment to private renewable energy firms under the DARES programme, implemented by Nigeria’s Rural Electrification Agency (REA).

Tinubu also emphasized his administration’s focus on renewable energy, including solar power and electric vehicle infrastructure.

He highlighted the arrival of Nigeria’s first 100 electric buses and efforts to incentivize private investments in clean energy solutions.

“With over $6 billion in new energy sector investments attracted in 2024 alone, we are committed to building on this momentum in 2025 and beyond,” Tinubu noted.

Nigeria’s National Energy Compact, presented at the Summit, outlines ambitious reforms, including expanding power generation, investing in transmission and distribution, and promoting distributed renewable energy.

The government estimates it will require $23.2 billion for last-mile electrification, involving both public and private sector contributions.

As the Summit concluded, President Tinubu reaffirmed Nigeria’s commitment to achieving universal energy access by 2030, urging African leaders to prioritize collective action for a brighter and more prosperous continent.

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