The African Development Bank (AfDB) has been actively supporting Nigeria's electricity development through substantial financial assistance. In July 2024, the AfDB approved a $500 million loan to Nigeria to finance the first phase of the Economic Governance and Energy Transition Support Program. This initiative aims to accelerate the transformation of Nigeria's electricity infrastructure and improve access to cleaner energy sources. The program supports the implementation of Nigeria's new Electricity Act and the Nigeria Energy Transition Plan, which envisions developing 250 GW of installed electricity capacity by 2050, with 90% being renewable energy. In January 2025, Nigeria secured an additional $1.1 billion loan from the AfDB to provide electricity to 5 million people by the end of 2026. This funding underscores the AfDB's commitment to enhancing energy access in Nigeria and aligns with the country's goal of achieving universal energy access by 2030. These ini...
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