Akinwumi Adesina, outgoing President of the African Development Bank (AFDB).
Outgoing President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has revealed that despite Africa’s vast renewable energy resources, 600 million people on the continent remain without electricity.
Speaking at the 2025 Standard Chartered Bank Africa Summit in Lagos, Adesina called for significant investments to address this energy gap.
In his presentation, obtained by the News Agency of Nigeria (NAN), Adesina highlighted Africa’s abundant renewable energy potential, stating, “The continent boasts immense resources, including 11 terawatts of solar, 350 gigawatts of hydro, 150 gigawatts of wind, and 15 gigawatts of geothermal energy.”
He emphasized that tapping these resources could drive industrial growth, enhance competitiveness, and boost value addition in agriculture, minerals, and metals.
To tackle the energy deficit, Adesina noted that the AfDB and World Bank’s Mission 300 initiative aims to connect 300 million Africans to electricity by 2030.
“This ambitious goal requires $127 billion in investments across 12 countries, with over $61 billion expected from the private sector,” he said.
Adesina advocated for expanded public-private partnerships and the development of bankable project pipelines to attract capital for energy and infrastructure projects.
He also underscored the need for massive investments to meet the United Nations Sustainable Development Goals (SDGs) by 2030, stating, “Africa requires at least $1.3 trillion annually to finance infrastructure, energy, digital connectivity, roads, transport, health, education, water, and sanitation.”
To achieve sustainable economic growth, Adesina urged a shift from reliance on aid to investment-driven development.
“Africa must unlock its vast assets by mobilizing domestic resources, capital markets, private sector investments, concessional finance, and foreign direct investment,” he said, adding that the continent has the potential to realize its ambitious goals. (NAN)
