President Bola Tinubu has disclosed that the Nigeria-Grid Battery Energy Storage System will receive a $500 million facility from the African Development Bank (AfDB), which will provide electricity to 2 million Nigerians. This announcement was made following Tinubu’s participation in the Mission 300 Africa Energy Summit, held in Dar es Salaam, Tanzania, where he joined other African leaders to discuss solutions for expanding energy access across the continent.
The summit, hosted by the Tanzanian government in collaboration with the African Union, AfDB, and the World Bank Group, provided a platform for leaders to discuss the future of Africa’s energy sector. In his speech, delivered by Minister of Power Adebayo Adelabu, President Tinubu emphasized the importance of collective action to improve energy access and drive economic growth in Africa. He encouraged African leaders to prioritize energy initiatives, noting that reliable and affordable energy is crucial for the prosperity of industries and economies across the continent.
Tinubu also highlighted several other major energy commitments by AfDB, including a $1.1 billion initiative to provide electricity to 5 million people by 2026. He praised the bank’s $200 million Nigeria Electrification Project, which aims to bring electricity to 500,000 people by 2025, as well as its planned $700 million investment in the Nigeria Desert to Power program. Together, these efforts aim to bring clean, reliable electricity to millions across the country and continent.
The President went on to reveal that Nigeria is also making significant strides with the World Bank’s $750 million support to expand distributed energy access through mini-grids and solar systems, which will benefit 16.2 million people. This is part of a broader push to ensure Nigeria’s energy infrastructure can support the growing population and industrial needs.
Tinubu also acknowledged the contributions of the World Bank Group, AfDB President Dr. Akinwunmi Adesina, the UN Sustainable Energy for All initiative, the Rockefeller Foundation, and the Global Energy Alliance for Development. He stressed the importance of taking collective responsibility to address the energy deficit across Africa, pointing out that while the continent is rich in energy resources, millions of people still lack access to reliable and affordable power.
The Nigerian government is also advancing renewable energy initiatives, including a new electric vehicle (EV) charging infrastructure program. The government is working to ease adoption barriers for electric vehicles, promoting partnerships, and providing financing options for affordable EVs. Tinubu announced that the first 100 electric buses are already in operation in the country as part of the push to expand renewable energy and reduce vehicle emissions.As part of its continued focus on energy sector reform, Nigeria has attracted over $6 billion in new investments in 2024 alone. The President reiterated that the government plans to build on this success, with a clear focus on attracting further investments in renewable energy, oil and gas, and energy efficiency.
At the summit, the International Finance Corporation (IFC) also announced a $70 million commitment to five Nigerian Renewable Electricity Service Companies (RESCOs) under the Nigeria Distributed Access Through Renewable Energy Scale-Up (DARES) program. The Rural Electrification Agency (REA) will oversee the implementation of these projects, ensuring that the country’s energy reforms meet ambitious targets for last-mile electrification.
The summit concluded with the adoption of the Dar es Salaam Declaration, in which leaders from 12 African countries committed to providing electricity to all citizens within the next five years. This landmark agreement reflects the growing momentum for addressing Africa’s energy challenges and highlights the importance of continued investment, innovation, and collaboration across the continent.
With a focus on sustainable energy solutions, both domestic and regional, the commitment made by African leaders at the summit serves as a significant step toward ensuring that Africa’s energy future is bright, inclusive, and sustainable.
