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Nigeria Secures $1.1 Billion AfDB Loan to Provide Electricity for 5 Million People by 2026 – Tinubu

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Nigeria Secures $1.1 Billion AfDB Loan to Provide Electricity for 5 Million People by 2026 – Tinubu

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.

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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.

 

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Nigerian makes history in U.S. University as first to earn MSc in Catastrophe Modeling

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Urinrin Otite, a Nigerian, from Delta State, has made history by becoming the first-ever graduate of the Master of Science

read more Nigerian makes history in U.S. University as first to earn MSc in Catastrophe Modeling


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9 Low-budget marketing tricks to grow your business in Nigeria

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Nigerian businesses can use practical, affordable strategies to boost their brand without breaking the bank. With creativity, persistence, and careful planning, you can reach your target audience and build lasting customer relationships.

Here are 9 low-cost marketing tricks to help you grow your business in Nigeria;

1) Leverage Social Media Platforms

Social media remains a powerful tool for engaging customers. Use platforms like Facebook, Instagram, and Twitter to share updates, promotions, and behind-the-scenes stories about your business.

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Join local groups and communities to interact with potential customers. Regular posts, customer engagement, and simple, informative content can go a long way in building your brand.

2) Collaborate with Other Local Businesses

Partnerships can help extend your reach. Team up with complementary businesses to host joint events or offer combined promotions. By pooling resources and cross-promoting to each other’s customer bases, both parties benefit from increased exposure without the need for significant additional spending.

ALSO READ: Top marketing trends to watch out for as a business owner

3) Participate in Community Events

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Local markets, trade shows, and cultural events provide excellent opportunities to showcase your products or services. Setting up a modest stall or participating in community gatherings can increase your brand’s visibility.

Personal interactions at these events build trust and give you a chance to receive immediate feedback from potential customers.

4) Offer Customer Referral Programs

Word of mouth is a valuable asset in Nigeria. Encourage satisfied customers to refer friends and family by offering small incentives, such as discounts on future purchases or free add-ons.

A well-structured referral program not only increases your customer base but also builds loyalty, as people tend to trust recommendations from those they know.

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5) Use Email Marketing

Collect email addresses from your customers and send regular updates about new products, promotions, and events.

Email marketing is cost-effective and allows you to maintain a direct line of communication with your audience. Tailor your messages to address the needs and interests of your customers for maximum impact.

EXPLORE: Boost your business with these tips to earn more reviews

6) Create Localised Content

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Develop content that speaks directly to your local audience. Write blog posts, produce videos, or even record short podcasts discussing topics relevant to your community. When your content reflects the local culture and addresses regional concerns, it resonates more deeply, driving both engagement and brand loyalty.

7) Optimise for Local Search

Make sure your business appears in local search results by registering on directories such as Google Business and local listing services.

An optimised online presence helps customers find you easily when searching for products or services in your area. This strategy is especially useful for brick-and-mortar businesses looking to attract nearby customers.

8) Print and Distribute Promotional Materials

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Traditional marketing methods remain effective in many parts of Nigeria. Design simple flyers, posters, or brochures that highlight your offerings and special deals. Distribute these in strategic locations such as markets, community centers, and busy streets. A well-designed print piece can capture the attention of passersby and drive foot traffic to your store.

9) Host Free Workshops and Demonstrations

Offering free workshops or product demonstrations is a direct way to engage potential customers. Whether it’s a cooking class, a beauty tutorial, or a tech demonstration, these events allow you to showcase your expertise while building trust. Attendees are more likely to become loyal customers if they experience your value firsthand.

By implementing these low-budget marketing tricks, you can effectively promote your business, increase your customer base, and drive sustainable growth.

With a focus on local engagement and practical strategies, your Nigerian business can flourish without the need for a large marketing budget.

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8 Must-try digital trends transforming shopping in Nigeria

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With greater mobile connectivity and the widespread use of local fintech apps, buying and selling have become more interactive.

Secure mobile payments, online marketplaces with detailed product reviews, and virtual try-on features are helping consumers make smarter choices while giving retailers innovative ways to reach customers. We explore 8 essential digital trends that are reshaping the shopping experience for Nigerians.

These trends offer clear benefits for both consumers and businesses by simplifying transactions and making shopping easier and more reliable in Nigeria’s bustling market.

1) Mobile Payment Platforms

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Services like Paga and OPay enable secure, fast cashless transactions. They simplify everyday purchases and help consumers manage their spending without the need for physical cash.

2) Social Commerce

Social media platforms such as Instagram and Facebook now incorporate shopping features, allowing businesses to sell directly through these channels. This integration offers small enterprises an effective way to reach customers without hefty marketing budgets.

ALSO READ: A valuable tool in digital marketing

3) Augmented Reality Try-Ons

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AR tools let customers virtually try on clothing and accessories before making a purchase. This innovation increases confidence in online shopping by providing a realistic preview of products.

4) Omnichannel Retail Solutions

Modern retailers are blending online and offline experiences. Consumers can research products online and then visit stores to see them in person, or order online and pick them up in-store, ensuring a seamless shopping experience.

FURTHER READING: Govinder tasks advert agencies, online consultants on trends to shape digital landscape

5) AI-Driven Personalization

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Artificial intelligence analyses customer behaviour to offer tailored product recommendations. This personalised approach enhances customer engagement and helps shoppers find exactly what they need.

6) Virtual Customer Service

Chatbots and virtual assistants provide immediate support on retail websites. They answer questions, guide users through the buying process, and resolve issues quickly, improving overall customer satisfaction.

7) Digital Loyalty Programs

Innovative loyalty apps reward regular customers with points, discounts, and exclusive offers. These programs foster customer retention by making shopping more rewarding over time.

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8) E-commerce Platforms

Established platforms like Jumia and Konga continue to evolve with user-friendly interfaces, secure payment systems, and efficient delivery services. They offer a reliable alternative to traditional shopping, meeting a wide range of consumer needs.

These trends highlight how technology is not only making shopping more convenient but also creating a more interactive and customer-centric retail experience for Nigerians. Embracing these innovations can lead to smarter buying decisions and a more connected marketplace.

EXPLORE: FG, Google partner to position Nigeria as global tech hub

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