Dr Akinwumi Adesina has said that Africa has some of the largest renewable energy sources, yet 600 million people lack access to electricity on the continent.
To bridge the massive energy deficit, Adesina, the outgoing President of African Development Bank (AfDB) said the continent needed huge investment opportunities in the sector.
He made the assertions at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos.
Follow us on WhatsApp | LinkedIn for the latest headlines
In the text of his presentation at the event, obtained by the News Agency of Nigeria (NAN), 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's jointly launched Mission 300 has as 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 totals 127 billion dollar with over 61 billion dollar expected from the private sector," he said.
To attract capital and investments into the sector and other infrastructure asset, 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 need 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.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"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. (NAN)
