.600m Africans Still Without Electricity
Abuja: In a landmark move to tackle the continent’s massive electricity gap, the African Development Bank (AfDB) and the World Bank have launched Mission 300—an ambitious initiative aimed at connecting 300 million Africans to reliable power by 2030
With over 600 million people still living without electricity, the plan seeks to unlock Africa’s vast renewable energy potential and attract billions in public and private investment.
To bridge the massive energy deficit, Adesina, the outgoing President of the African Development Bank (AfDB), said the continent needed tremendous investment opportunities in the sector.
He made the assertions at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos.
In the text of his presentation at the event, obtained by reporters, Adesina identified the renewable energy sources available in Africa.
The sources, according to him, included solar (11 Terawatts), hydro (350 gigawatts), wind (150 gigawatts), and geothermal (15 gigawatts).
He noted that unlocking these potentials will power massive industrial development for the continent, allowing it to be more competitive and expand value addition to its vast agricultural commodities, minerals and metals.
Adesina disclosed that the AfDB and the World Bank jointly launched Mission 300, which has as its goal to connect 300 million people to electricity by 2030.
“This requires public and private sector investments. The Energy Compacts for the first 12 countries total 127 billion dollars, with over 61 billion dollars expected from the private sector,” he said.
To attract capital and investments into the sector and other infrastructure assets, Adesina said that public-private partnerships should be expanded.
Also needed, according to him, are vehicles for preparing bankable project pipelines.
Speaking on United Nations Sustainable Development Goals (SDGs), Adesina said to achieve the goals by 2030, Africa also needs massive investments in infrastructure, energy and digital connectivity,
He added that there must be huge investments in roads and transport, social sectors including health, education, water and sanitation, as well as human capital.
Specifically, he said the continent will need at least 1.3 trillion dollars per year in financing.
“This will require the mobilisation of capital at several levels, including from domestic resources mobilisation, capital markets, private sector investments, concessional finance, and foreign direct investment.
“To achieve faster and more stable economic growth, Africa must move away from aid to investment to unlock its vast assets,” he said.
Adesina stressed that Africa has all it takes to achieve its bold ambitions.
