The African Development Bank has revealed plans to invest $12bn in Nigeria’s energy programme and other African countries.
A statement by the bank quoted the President, AfDB, Akinwumi Adesina, as saying this, adding that there was a need to act speedily to accelerate the plans to light up and power Africa.
He spoke during the inaugural edition of the Africa Energy Market Place on Friday.
“The bank has made a $12bn investment commitment to its new deal on Energy for Africa programme. Sub-Saharan Africa currently has 14 per cent of the world’s population and accounts for four per cent of global energy investment. Analysts at the bank note that several countries, including Ethiopia, Gabon, Ghana and Kenya, are on track to reaching universal electricity access by 2030,” he said.
Adesina described the AEMP as an industry-wide collaborative platform convened by the AfDB to address barriers to mobilising and scaling-up private investment into the energy sector by bringing together key stakeholders in the continent’s energy sector.
He added that the workshop specifically sought to address Africa’s dismal energy and electricity production and consumption, which currently stood at 150kWh per capita.
The Director, Côte d’Ivoire Cabinet of Petrol and Renewable Energy Development Ministry, Jacques Chevalier, stated that energy held a critical role in Africa’s economic transformation, particularly in improving the living conditions of Africans.