- President Tinubu has disclosed a $3.25 billion investment in Nigeria's power sector to provide reliable electricity to 23.7 million people, with support from AfDB and World Bank
- The investment, he said, would improve power access for Nigeria's underserved areas, with major contributions from AfDB and World Bank to expand grid and distributed energy systems
- Tinubu then restated Nigeria’s goal to provide reliable, affordable electricity to unelectrified populations by 2030
President Bola Tinubu has announced that Nigeria is leveraging over $3.25 billion in foreign investment to ensure a steady and reliable power supply for 23.7 million people across the country.
This investment, which includes contributions from the African Development Bank (AfDB) and the World Bank, is central to Nigeria’s ongoing efforts to electrify its most remote and hard-to-reach communities, with a focus on achieving energy equity.
Tinubu made the announcement at the Mission 300 Africa Energy Summit, which recently concluded in Dar es Salaam, Tanzania.
The summit focused on improving energy access across the African continent, and Tinubu took the opportunity to reaffirm Nigeria’s commitment to expanding its electricity infrastructure, especially in underserved areas.
According to a statement signed by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu highlighted the substantial progress made with the support of international development partners. These investments will play a key role in addressing Nigeria’s electricity access challenges, particularly for the millions of Nigerians who still lack reliable power.
Among the key contributions, Tinubu pointed out the AfDB’s $1.1 billion investment, which is expected to provide electricity to 5 million people by the end of 2026. Additionally, the AfDB’s $200 million commitment to the Nigeria Electrification Project is set to bring electricity to 500,000 people by the end of 2025.
The AfDB also plans to invest $700 million in the Nigeria Desert to Power programme and $500 million in the Nigeria-Grid Battery Energy Storage System, which together will provide electricity to an additional 2 million Nigerians.
In addition to the AfDB’s contributions, Tinubu also discussed the World Bank’s $750 million support for expanding Nigeria’s distributed energy access.
This investment will fund the installation of mini-grids and standalone solar systems, which will provide power to 16.2 million people across the country.
“The support from the African Development Bank and the World Bank is invaluable, and we are determined to ensure that these investments translate into real, lasting improvements for Nigerians,” Tinubu said.
The president also took the opportunity to praise the efforts of international partners in addressing the electricity access challenges facing Africa.
The African Development Bank, World Bank Group, and other development partners have pledged to bring electricity to 300 million people across the continent by 2030.
In his speech, read by Nigeria’s Minister of Power, Adebayo Adelabu, President Tinubu called on African leaders to prioritise energy access and collaborate on solutions to the continent’s energy challenges.
“Let us work together to create a brighter future for our citizens—where every African can access reliable and affordable energy. A future where our industries thrive, our economies grow, and our people prosper,” President Tinubu added.
No regrets over subsidy removal, tax reforms will proceed, Tinubu says
Meanwhile, TheRadar earlier reported that President Bola Tinubu defended the petrol subsidy removal, calling it necessary for Nigeria’s future despite economic hardships.
Tinubu further highlighted strategies for economic recovery, including boosting local production and fighting corruption.
