Akinwunmi Adesina, President of the African Development Bank (AfDB), has announced that Nigeria has the highest population of people living without electricity globally, with approximately 86 million Nigerians lacking access to power. He made this revelation during the 90th birthday celebration of former Head of State, General Yakubu Gowon.
Adesina highlighted the severe impact of this electricity deficit on the nation’s economy, stating that the lack of a reliable power supply is crippling businesses and industries across the country. He cited an estimate from the International Monetary Fund (IMF) indicating that Nigeria loses about $29 billion annually—equivalent to 5.6% of its GDP—due to unreliable electricity. He further noted that Nigerians spend approximately $14 billion each year on generators and fuel.
“The lack of electricity is killing Nigerian industries. Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal,” Adesina said, stressing that despite Nigeria's abundant gas and crude oil resources, millions of people live without electricity.
Adesina also shared that the AfDB is making significant investments in Nigeria's electricity sector, aiming to improve access not just in Nigeria but across Africa. He mentioned a partnership with the World Bank to connect 300 million people to electricity by the end of 2030, an initiative known as "Mission 300."
The AfDB has invested over $200 million in grid transmission to bolster the national grid and has allocated $200 million to support Nigeria’s electrification efforts. Additionally, a further $210 million has been invested in the Nigeria Transmission Project to enhance power evacuation and regional interconnection.
This initiative is part of a broader $90 billion electricity fund from the World Bank and AfDB, targeting electricity access for 300 million people in Africa by 2030. The Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project is expected to benefit over 17.5 million Nigerians, or 20% of the unserved population, while also replacing more than 250,000 diesel generators