Nigeria Secures $1.1bn AfDB Loan To Power 5m People By 2026 – Tinubu

Nigeria has just secured a massive $1.1 billion loan from the African Development Bank (AfDB) to provide electricity to 5 million people by the end of 2026. This is a huge deal, and it's all part of the country's efforts to boost its power sector. The AfDB is really stepping up to support Nigeria's power sector reforms with this loan, which is expected to make a significant impact on the country's energy landscape.

The loan is a policy-based operation fund, which means it's designed to support specific policy reforms in the power sector. This type of funding provides countries with flexible and liquid funding to drive meaningful change. It's exciting to think about the potential benefits of this loan, from increased access to electricity for millions of people to the positive impact it could have on the country's economy and overall development.

The African Development Bank has been actively supporting various development projects across the continent, including loans to boost youth employment and entrepreneurship. This latest move is a testament to the bank's commitment to driving growth and prosperity in Africa.

https://www.channelstv.com/2025/01/29/nigeria-secures-1-1bn-afdb-loan-to-power-5m-people-by-2026-tinubu/