Nigeria Secures $1.1 Billion – AfDB Invests in Nigeria’s…

AfDB Invests in Nigeria’s Power Sector to Boost Electricity Access

Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to enhance electricity access for 5 million people by the end of 2026, according to President Bola Tinubu.

Tinubu, speaking through Minister of Power Adebayo Adelabu at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, highlighted the transformative impact of the AfDB’s investments in Nigeria’s energy sector.

In addition to the $1.1 billion loan, Tinubu also confirmed that the AfDB has allocated $200 million to the Nigeria Electrification Project, which is expected to provide power to 500,000 people by the end of 2025.

“This is an ambitious goal, but we can achieve it together,” Tinubu stated. “As Nigeria’s President, I am committed to making energy access a top priority.”

Nigeria Set to Benefit from AfDB and World Bank Investments

Beyond the AfDB’s current funding, Nigeria is also set to benefit from an upcoming $1.2 billion AfDB investment in the Nigeria Desert to Power programme and a facility for the Nigeria-Grid Battery Energy Storage System.

Tinubu outlined the specifics of the additional investments:

• $700 million for the Nigeria Desert to Power Programme
• $500 million for the Nigeria-Grid Battery Energy Storage System, which will provide electricity to 2 million more people

Furthermore, the World Bank’s $750 million support for expanding distributed energy access through mini-grids and standalone solar systems is expected to bring electricity to 16.2 million Nigerians.

Global Support for Nigeria’s Energy Transformation

President Tinubu expressed gratitude to Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina, President of AfDB, for their commitment to transforming Africa’s energy landscape. He also acknowledged contributions from:

• UN Sustainable Energy for All
• The Rockefeller Foundation
• The Global Energy Alliance for Development

“Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy. This situation is unacceptable. It is our responsibility to take collective action to change this narrative,” Tinubu stated.

Nigeria’s Renewable Energy Future: A Path to Economic Growth

With these investments, Nigeria is positioning itself as a leader in renewable energy expansion across Africa. The funding from AfDB and the World Bank will accelerate Nigeria’s electrification efforts, boost economic growth, and improve the quality of life for millions of citizens.

Stay updated with the latest Nigeria energy news and power sector developments by following our reports.

Related information

Read more about this topic

NucleusIS Africa acquires Rigo – NucleusIS Africa acquires Rigo…

NucleusIS Africa acquires Rigo – Africa’s fast growing technology…

Africa’s fast growing technology company completes 100% acquisition of Rigo Microfinance Bank, making it one of the biggest healthcare finance technology companies in Africa. NucleusIS Africa Limited, Africa’s fastest-growing technology company, has announced its acquisition of Rigo Microfinance Bank Limited. This landmark takeover is expected to strengthen NucleusIS Africa’s ability to deliver cutting-edge healthcare financing services across the continent.

Speaking on the acquisition at press time, Mr. Femi Niyi, Board Chairman of NucleusIS Africa Limited, expressed optimism about the expanded opportunities this acquisition creates. “This acquisition aligns perfectly with our vision of transforming healthcare financing in Africa. Combining our innovative solutions with Rigo Microfinance Bank’s financial services infrastructure will enable us to address critical healthcare challenges more effectively,” he said.

The acquisition underscores NucleusIS Africa’s mission to close the healthcare funding gap through technology-driven solutions. By integrating Rigo Microfinance Bank’s established financial infrastructure, the company aims to broaden its reach and enhance its ability to offer seamless, customized financial services to healthcare providers and patients.

Industry experts believe this acquisition positions NucleusIS Africa as the leading force in healthcare finance innovation across Africa. NucleusIS Africa will be able to better support medical service providers and expand access to essential healthcare services for more Africans.

With the added capacity, the company plans to introduce new financial products designed to support healthcare providers, facilitate patient financing, and significantly improve access to quality healthcare services.

The move is a strategic step toward reshaping Africa’s healthcare financing landscape.

The acquisition of Rigo Microfinance Bank Limited marks a new chapter in the company’s mission to create sustainable healthcare solutions through financial empowerment.

NucleusIS Africa Limited, founded in 2021, is a Nigerian Tech Company leading groundbreaking innovation to enhance healthcare access in Africa, through technology and finance driven solutions. The company’s flagship platform automates health insurance operations, connecting insurers, healthcare providers, and individuals across Nigeria and Ghana.Within the last few years, the organization has onboarded over 700,000 insured individuals, while partnering with major health insurance providers.

NucleusIS has also introduced a groundbreaking credit product – Provider Advance, that has transformed the financing landscape for healthcare businesses.  Pharmacies, hospitals, laboratories, and other providers can access collateral-free business loans in as little as 48 hours, eliminating the traditional financing hurdles of collateral requirements and lengthy turnaround times.

Within the last few years NucleusIS has demonstrated its commitment to supporting the healthcare industry, having disbursed over  ₦10 Billion in loans to healthcare businesses across Nigeria.

#FeaturedPost

Related information

Read more about this topic

Related information

Read more about this topic

Fuel hike, bad roads – Fuel hike, bad roads…

Fuel hike, bad roads – Traders and buyers at…

Traders and buyers at Eke Awka Market, in Anambra State’s capital, have attributed the scarcity of onions to rising fuel prices and the country’s poor road network.

A News Agency of Nigeria (NAN) survey conducted on Tuesday revealed that onions, a key condiment used to spice food, have become increasingly difficult to find and afford.

Obigaeli Nwokoye, a petty trader dealing in onions, explained that a few weeks ago, there was no onion available in the entire market due to bad roads. She added that suppliers from the northern part of the country faced delays, as the high cost of fuel and poor road conditions hindered transportation and logistics.

“Drivers coming from Kano face major challenges, which delay their deliveries to Awka.

“The government should address these issues and give special attention to food transporters to ensure a steady supply of food items.”

Mrs Chioma Okeke, another seller, shared that the price of a bag of onions had skyrocketed to ₦370,000, compared to ₦258,000 in November. She further noted that the price had steadily increased throughout the year, from between ₦70,000 and ₦90,000 in January to ₦110,000 to ₦170,000 around August/October.

“From November to December, the price jumped to between ₦250,000 and ₦300,000.”

Mrs Doris Beluchukwu, a buyer, expressed frustration at the soaring prices and scarcity.

“Onions that used to cost ₦100 or ₦200 are now priced between ₦500 and ₦2,000,” she said.

She also urged the government to ensure its food regulatory agencies functioned effectively, as some of the food shortages might be artificial.

“Government needs to act quickly to ensure a steady supply of basic food items to markets across the country,” Beluchukwu added.

Related information

Read more about this topic

Related information

Read more about this topic