President Bola Tinubu has announced that Nigeria is securing over $3.25 billion in foreign investment to ensure a reliable power supply for 23.7 million people.
He emphasized the country’s commitment to providing electricity to even the most remote and hard-to-reach communities, aiming for greater energy equity across the nation.
President Bola Tinubu made this statement at the recently concluded Mission 300 Africa Energy Summit in Dar es Salaam, the capital of Tanzania.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga,
disclosed this in a statement signed on Tuesday titled ‘President Tinubu concludes visit to Tanzania, affirms Nigeria’s commitment to improved electricity access.’
The $3.25 billion includes investments from the African Development Bank and the World Bank. President Tinubu highlighted the significant progress Nigeria has made with the help of international development partners.
He noted that the AfDB’s $1.1 billion investment is set to provide electricity for 5 million people by the end of 2026. Additionally, the bank’s $200 million contribution to the Nigeria Electrification Project will bring power to 500,000 people by the end of 2025.
“We also look forward to the AfDB’s planned $700m investment in the Nigeria Desert to Power programme and its planned $500m 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 $750m 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,” he said.
In a speech delivered by the Minister of Power, Adebayo Adelabu, President Tinubu praised the African Development Bank, the World Bank Group, and other development partners for their commitment to providing electricity access to 300 million people across Africa by 2030.
He urged African leaders to prioritize energy access, stressing the importance of collective action in addressing 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,” the President said.
