The president and his team arrived on Sunday.

He is now on his way back to Abuja.

The two-day Summit, hosted by the government of Tanzania in collaboration with the African Union, the African Development Bank, AfDB, and the World Bank Group, adopted the Dar es Salaam Declaration.

The Declaration focused on providing access to electricity for 300 million people in Africa by 2030.

A high point of the event was the presidential endorsement of the Dar es Salaam Declaration by African leaders at the Julius Nyerere International Convention Centre.

Following 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.

Through the Declaration, the leaders from the 12 countries expressed their commitment to ensuring electricity access for their citizens in the next five years.

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.

President Tinubu called on African leaders to prioritise energy access, emphasising collective action.

“Let us work together to create a brighter future for our citizens—where every African can access reliable and affordable energy.

“A future where our industries thrive, our economies grow, and our people prosper,” the president said in the speech by the Minister of Power.

President Tinubu 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.

Detailing the substantial progress Nigeria has achieved with the support of international development partners, President Tinubu acknowledged AfDB’s $1.1 billion, expected to provide electricity for 5 million people by the end of 2026, while its $200 million in the Nigeria Electrification Project will provide electricity for 500,000 people by the end of 2025.

“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.

President 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.

“As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy.

“This situation is unacceptable. It is our responsibility to take collective action to change this narrative,” President Tinubu said.

President Tinubu highlighted ongoing investments in renewable energy, particularly solar power in Nigeria.

READ ALSO: NIS issues 1.8m passports, repatriates 828 foreigners in 2024

“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.

He said that buoyed by Nigeria’s successful attraction of over $6 billion in new investments into its energy sector in 2024 alone, his administration is keen to build on this success in 2025 and beyond.

At the Summit, the International Finance Corporation, IFC, announced that it had 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.

The post Tinubu affirms commitment to improved electricity access appeared first on Frontpageng.

The president disclosed this during an audience with the President of the World Bank, Mr. Ajay Banga, on Friday at the Presidential Villa, Abuja.

”A comprehensive forensic audit is on-going at the Central Bank. We are going to do very serious structural review of the Civil Service payroll. I can’t believe in the numbers I’m seeing and I’ve had that experience before at the state level.

”The reforms are in tandem with Nigeria’s Ease of Doing Business programme. We’ll block all financial loopholes. The reforms will be targeted at the way we work, change of attitude and equally on educating our people. It’s costly but we will do it,” he said.

Highlighting Nigeria’s resilience and intellectual prowess, the president implored the Bretton Woods institution to view the country as a significant player within the global community, not solely as a struggling economy.

‘‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,’’ he said.

READ ALSO: Niger: War not a tea party, Bode George writes Tinubu

On poverty alleviation, the president called for more increased support from the World Bank, expressing optimism for a productive collaboration between Nigeria and the World Bank that will lead to mutual benefits and sustainable progress.

He also discussed the ongoing efforts to address issues such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.

President Tinubu also shared insights into his administration’s substantial reforms, including those aimed at consolidating improvements in Nigeria’s oil industry, enhancing the Ease of Doing Business, and prioritizing security to boost the country’s revenue generation.

The president pointed out the importance of electricity generation for economic development, highlighting the turning of sod earlier in the day on the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja.

The president explained that that project signified the administration’s commitment to a comprehensive approach, which he said encompassed power generation, distribution, energy transition, and tariff adjustments.

While calling for a positive partnership with the World Bank, President Tinubu emphasized key areas of focus, including job creation, digitization, and National Identity Management.

He also requested the World Bank’s support in addressing the challenges posed by the removal of cross-sectoral subsidies, particularly in lessening the impact on less privileged Nigerians.

In his remarks, Mr. Banga commended President Tinubu for his efforts in addressing the economic challenges of the country.

”Yes, we give money and our dollars are very important but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts and you should be rest assured about that.”

The post Forensic audit of CBN underway, Tinubu tells World Bank chief appeared first on Frontpageng.