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Nigeria secures half billion loan to finance renewable energy dreams

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The African Development Bank has loaned Nigeria half a billion dollars to fund its 2050 goals of providing for all through renewable energy.

The country’s government hopes renewable energy sources can add an additional 250 000MW to the national grid by 2050.

However finding investment is difficult from foreign countries, as economic instability provides significant risks. The Nigerian government launched the energy transition plan in August 2022, and in June 2023, passed a new Electricity Act decentralizing the electricity supply industry and setting the stage for increased investments by subnational governments and the private sector.

 

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