Dr Akinwumi Adesina has said that 600 million Africans currently lack access to electricity.
He recently revealed that it is the sad reality despite the continent having some of the largest renewable energy sources.
Speaking at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos, Adesina shared that the renewable energy sources available in Africa, including solar (11 Terawatts), hydro (350 gigawatts), wind (150 gigawatts), and geothermal (15 gigawatts), must be maximized fully to solve the continent’s electricity problems.
According to him, unlocking their true potential will immediately power massive industrial development for Africa, allowing it to be more competitive and expand value addition to its vast agricultural commodities, minerals and metals.
He stated that the AfDB and the World Bank partnered to launch Mission 300 to connect 300 million people to electricity by 2030.
“This requires public and private sector investments.
The Energy Compacts for the first 12 countries totals 127 billion dollar with over 61 billion dollar expected from the private sector,” he said.
He further noted that for the goals to be achieved by 2030, Africa will need huge investments in infrastructure, energy and digital connectivity.
Adesina concluded by saying that massive investments will also be required in roads and transport, health, education, water and sanitation.
“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,” she added.
