Nigeria has joined 11 other African nation to be commit to ensure electricity access for their citizens in the next five years.
This commitment was made at a two-day Summit, hosted by the Tanzanian government in collaboration with the African Union, the African Development Bank (AfDB), and the World Bank Group, where adoption of the Dar es Salaam Declaration.
The Declaration focused on providing access to electricity for 300 million people in Africa by 2030.
After the reading of the Declaration, leaders from Nigeria, Chad, Côte d’Ivoire, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Senegal, Tanzania, and Zambia signed the document.
The 12 nations plan to achieve the goal through National Energy Compacts, which identify specific policy measures to address constraints across their energy sector and set targets based on their unique context.
In the speech read by the Minister of Power, Adebayo Adelabu, the Nigerian leader lauded the African Development Bank (AfDB), the World Bank Group, and development partners for their collective pledge to bring electricity access to 300 million people in Africa by 2030.
“A future where our industries thrive, our economies grow, and our people prosper,” the President said.
The President also used the occasion to reaffirm 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.
“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.
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.
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.
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.