Nigeria has taken a big step toward solving its electricity shortage by securing a $1.1 billion loan from the African Development Bank (AfDB). This funding will help provide electricity to 5 million people by the end of 2026.

President Bola Ahmed Tinubu announced this through the Minister of Power, Adebayo Adelabu, during the Mission 300 Africa Energy Summit in Tanzania. A statement from Tinubu’s spokesperson, Bayo Onanuga, confirmed that the loan will help Nigeria close its energy access gap and improve power supply across the country.

Apart from the $1.1 billion loan, Nigeria has also secured an additional $200 million from AfDB. This fund is specifically for the Nigerian Electrification Project, which aims to bring electricity to 500,000 people by the end of 2025.

President Tinubu highlighted the importance of these projects, saying:
“Providing electricity to more Nigerians is a top priority, and we can achieve this goal together.”

Nigeria has been facing serious electricity challenges, with many communities still lacking reliable power. These loans will help expand the country’s electricity network, ensuring that more homes and businesses have access to electricity.

As Nigeria continues to focus on energy development, these projects are expected to create better opportunities for economic growth and improve the quality of life for millions of Nigerians.