Nigeria’s President, Bola Tinubu, has requested $1.3 billion in funding from the African Development Bank (AfDB) to support electricity projects across the country.
Speaking on Tuesday at the Mission 300 summit in Tazania, the president revealed that the international financial institution is expected to contribute $1.1 billion to provide electricity for 5 million Nigerians by the end of 2026.
He also disclosed that the AfDB has pledged an additional $200 million for the Nigeria Electrification Project, which aims to deliver electricity to 500,000 people by the close of 2025.
“We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power program and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people.
“We have equally begun making plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems that will provide access to power to 16.2 million people,” Tinubu said in a statment.
Moreover, AfDB had already approved a $10 million equity investment in the ARM-Harith Successor Infrastructure Equity Fund in December 2024, targeting Nigeria and other West African countries to support projects in electricity, transportation, and energy-efficient technologies across the region, according to a statement published on its website.
Commenting on the development, Wale Shonibare, Director for Energy Financial Solutions for AfDB, stated:
“The catalytic funding will leverage additional capital from local and international investors, as ARM-Harith aims to raise $200 million for sustainable infrastructure and energy transition projects, with a primary focus on Nigeria.”
Adebayo Adelabu, Nigeria’s minister of power, also lauded the African Development Bank (AfDB), the World Bank Group, and development partners for their commitment to providing energy to 300 million people in Africa.
