Nigeria has secured at least $1.25 billion in loans from the World Bank and AfDB to boost electricity supply under Tinubu

BUSINESS NEWS — Nigeria has secured at least $1.25 billion in loans from the World Bank and the African Development Bank (AfDB) to boost electricity supply under the administration of President Bola Tinubu. On December 14, 2023, the World Bank approved the $750 million Distributed Access through Renewable Energy Scale-up (DARES) project in Nigeria . More recently, on July 31, 2024, the African Development Bank Group (AfDB) approved a loan of $500 million to the Federal Republic of Nigeria to help transform the country’s electricity infrastructure and improving access to cleaner energy sources... nairametrics.com