…Set to roll out 100 electric buses
…Secures $1.1bn AfDB investment to electrify 5m Nigerians by 2026
…As IFC announces $70m commitment to Nigerian renewable energy companies
By Matthew Denis, Abuja
As part of ongoing efforts at the ongoing Africa Energy Summit in Tanzania, Nigeria’s President, Asiwaju Bola Ahmed Tinubu has stated that the country requires $23.2bn investments to be able to deliver electricity to the last mile.
The President made this known whole delivering a speech at the Forum.
Nigeria alongside 12 other African countries are participating in the Forum giving themselves the next five years to considerably increase electricity access rates, among a raft of other energy commitments with a deadline of 2030.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information & Strategy on Tuesday, President Tinubu reassured Nigeria’s commitment towards providing reliable, affordable, and sustainable electricity to its unelectrified population by 2030.
The statement said President Tinubu who concluded his two days visit to Dar es Salaam, Tanzania, where he joined other African leaders to participate in the Mission 300 Africa Energy Summit called on African leaders to prioritise energy access, emphasising collective action.
“We are reaffirming Nigeria’s commitment to providing reliable, affordable, and sustainable electricity to its unelectrified population by 2030. This is an ambitious goal, but we can achieve it together.As Nigeria’s President, I am committed to making energy access a top priority,” he said.
Detailing the substantial progress Nigeria has achieved with the support of international development partners, President Tinubu acknowledged AfDB’s $1.1 billion, expected to provide electricity for 5 million people by the end of 2026, while its $200 million in the Nigeria Electrification Project will provide electricity for 500,000 people by the end of 2025.
“We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people.
“We have equally begun making plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems that will provide access to power to 16.2 million people,” he said.
President Tinubu thanked Ajay Banga, President of the World Bank Group, and Dr. Akinwunmi Adesina of AfDB for their transformative vision, which he said “will light up and power Africa.”
He also applauded the contributions of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.
“As we all know, 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,” President Tinubu said.
President Tinubu highlighted ongoing investments in renewable energy, particularly solar power in Nigeria.
“For example, the federal government is in the final stages of developing an electric vehicle (EV) charging infrastructure programme emphasising renewable energy and establishing stricter vehicle emission standards. This will ease adoption barriers, galvanise partnerships, and provide affordable EV financing options.
“I am pleased to announce that the first 100 electric buses are already in the country. Nigeria’s energy sector is growing as a direct result of our reforms. The Nigerian government continues incentivising those interested in investing in renewable energy, oil and gas energy efficiency,” he said.
He said that buoyed by Nigeria’s successful attraction of over $6 billion in new investments into its energy sector in 2024 alone, his administration is keen to build on this success in 2025 and beyond.
At the Summit, the International Finance Corporation (IFC) announced that it has committed $70 million in private sector funding to five Nigerian Renewable Electricity Service Companies (RESCOs) under the Nigeria Distributed Access Through Renewable Energy Scale-Up (DARES) programme.
The Rural Electrification Agency (REA) will implement the project. Nigeria’s National Energy Compact, presented at the Summit on Monday, sets targets with implementation timelines and outlines the various planned reforms.
They include expanding power generation and investing in transmission and distribution infrastructure at competitive costs, working towards financially viable utilities that provide reliable service, and incentivising private sector participation to unlock additional resources.
Other reform actions include embracing distributed renewable energy and clean cooking solutions for affordable last-mile access and leveraging the benefits of increased regional integration.
According to the document, Nigeria will require an investment of $23.2 billion for last-mile electrification, including contributions from the public and private sectors.