Nigeria has secured a $1.1 billion loan from the African Development Bank, AfDB, to provide electricity to 5 million residents by 2026.

President Bola Tinubu, who announced this in a speech at the just concluded Mission 300 Africa Energy Summit in Tanzania, also said the AfDB’s $200 million in the Nigeria Electrification Project will provide electricity for 500,000 people through 2025.

Meanwhile, during the Africa Energy Summit, Nigeria became the first country to secure $70 million from the International Finance Corporation, as funding for the mini-grid projects.

The $70 million is part of a $1 billion facility set up through grants from the Rockefeller Foundation and the African Development Bank.

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