Market News

By Waliat Musa

In a move to tackle energy poverty in Africa, the African Development Bank (AfDB), World Bank Group and other development partners have committed to provide electricity access to 300 million Africans by 2030.

The collaboration is supported by the Global Energy Alliance for People and Planet (GEAPP) and the Rockefeller Foundation, which have committed $10 million to technical assistance for electricity projects across Nigeria and 10 other African countries while energising initiatives within Common Market for Eastern and Southern Africa (COMESA).

The initiative, tagged Mission 300 (M300), aims to bridge the continent’s vast power divide by leveraging cutting-edge technology and innovative financing.

This is coming at a time when nearly 600 million Africans, representing a staggering 83 per cent of the world’s energy-deprived population, lack access to electricity.

Also, 30 heads of state, including five from outside Africa, have joined 1,500 other participants with representation from the private sector at the inaugural Africa Heads of State Energy Summit, where they will commit to an ambitious project to connect 300 million Africans to electricity by 2030.

President of the AfDB, Dr Akinwumi Adesina, emphasised that no economy could grow, industrialise or be competitive without access to electricity.

“This partnership is a game changer for Africa’s development. Mission 300, launched at the World Bank/IMF Spring Meetings 2024, has the backing of the G7 and G20,” he said.

Under the first phase of Mission 300, Nigeria and 11 other countries – Chad, Côte d’Ivoire, the Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Senegal, Tanzania and Zambia – will present their energy compacts while other African countries are expected to develop their compacts in subsequent phases.
The summit is expected to yield two significant outcomes, which are the Dar es Salaam Energy Declaration.

The commitments and reform actions from African governments are required to reform the energy sector.
It would also highlight energy sector successes in selected countries, establish an alliance of sector stakeholders to accelerate energy infrastructure investments and strengthen regional power planning, market trade and policy frameworks.

The efforts will support the implementation of the Continental Master Plan and the African Single Electricity Market.

World Bank Group President, Ajay Banga emphasised that for success; “We need action from governments, financing from multilateral development banks, and investment from the private sector.”

The AfDB’s current portfolio and pipeline of energy projects are forecast to deliver access to 43 million connections.