The President of the African Development Bank (AfDB), Akinwumi Adesina, has disclosed that Nigeria currently has the largest population of people living without electricity worldwide. He made this statement during the 90th birthday celebration of former Head of State, General Yakubu Gowon.
According to Adesina, approximately 86 million Nigerians lack access to the essential commodity, positioning Nigeria at the top of the global list in this regard. He emphasized that the absence of a reliable power supply is severely impacting businesses and industries across the country.
“The International Monetary Fund (IMF) estimates that Nigeria loses about $29 billion annually, or 5.6% of its GDP, due to its unreliable power supply. Additionally, Nigeria spends $14 billion per year on generators and fuel,” Adesina explained.
He further elaborated on the detrimental effects of Nigeria’s electricity shortage on its industrial sector: “The lack of electricity is stifling Nigerian industries. No business can survive in Nigeria without relying on generators. As a result, what is abnormal has now become normal.”
Despite Nigeria’s wealth in natural gas and crude oil, the persistent lack of electricity remains a challenge. “Today, Nigeria is the number one country globally in terms of the number of people living without electricity,” Adesina added.
To address these issues, AfDB is heavily investing in Nigeria’s electricity sector. The bank is also collaborating with the World Bank to reach 300 million people across Africa with electricity by 2030 through robust funding and strategic investments.
Adesina revealed that AfDB has already invested over $200 million in Nigeria’s power grid transmission to strengthen it against frequent collapses. “We support the implementation of Nigeria’s power sector recovery program by providing $200 million for the Nigerian electrification project, aimed at bridging the country’s electricity access gap. We have also invested $210 million in Nigeria’s transmission project to enhance power evacuation and regional interconnection,” he said.
Additionally, Adesina mentioned a collaborative initiative between AfDB and the World Bank called Mission 300, which aims to connect 300 million Africans, including millions of Nigerians, to electricity by 2030—marking the largest electrification effort globally.
Nairametrics previously reported that Nigeria, alongside other African countries, will benefit from a $90 billion electricity fund supported by the World Bank and AfDB as part of Mission 300. This initiative focuses on increasing access to electricity across Africa, with Nigeria benefiting through projects like the Nigeria Distributed Access through Renewable Energy Scale-up (DARES).
According to the World Bank, DARES will provide electricity to 17.5 million Nigerians, reducing the reliance on over 250,000 polluting diesel generators.
