Despite Africa’s vast renewable energy potential, around 600 million people across the continent still lack access to electricity, says Dr. Akinwumi Adesina, President of the African Development Bank (AfDB).
Speaking at the 2025 Standard Chartered Bank Africa Summit in Lagos, Adesina described the continent’s energy gap as a major obstacle to industrial growth and economic transformation. He emphasized that while Africa boasts enormous resources—such as 11 terawatts of solar, 350 gigawatts of hydropower, 150 gigawatts of wind, and 15 gigawatts of geothermal energy—these remain largely untapped.
To address the shortfall, Adesina called for a massive push in public and private investments, particularly through partnerships that can deliver bankable energy projects. He noted that a collaborative initiative by the AfDB and World Bank, dubbed “Mission 300,” aims to connect 300 million people to electricity by 2030. The first phase of the programme, covering 12 countries, is expected to cost $127 billion, with $61 billion anticipated from private investors.
He urged African nations to create stronger frameworks that can attract infrastructure financing and stimulate economic competitiveness through energy access.
Beyond electricity, Adesina stressed the broader need for infrastructure development to meet the United Nations’ Sustainable Development Goals (SDGs). He projected that Africa would need at least $1.3 trillion annually to fund improvements in sectors such as digital connectivity, transport, health, education, and water systems.
According to him, the future of Africa lies not in dependency on foreign aid, but in mobilizing investments across all levels—including domestic revenues, capital markets, and foreign direct investment. “Africa has what it takes to realize its aspirations,” Adesina stated. “What it needs is the right investment approach to unlock its full potential.”
Dr. Adesina, who is nearing the end of his tenure at the AfDB, remains optimistic that with coordinated action, Africa can overcome its energy crisis and chart a path toward inclusive, sustainable growth.
