Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has highlighted the paradox of Africa’s vast renewable energy potential and the widespread lack of electricity access across the continent.
Speaking at the 2025 Standard Chartered Bank Africa Summit held recently in Lagos, Adesina pointed out that despite having some of the world’s largest renewable energy reserves, around 600 million people in Africa still live without electricity.
In a presentation obtained by the News Agency of Nigeria (NAN), Adesina identified key renewable energy sources across the continent, including 11 terawatts of solar, 350 gigawatts of hydro, 150 gigawatts of wind, and 15 gigawatts of geothermal energy.
He stressed that unlocking these resources could fuel massive industrial growth, enhance Africa’s competitiveness, and boost value-added processing of the continent’s agricultural products, minerals, and metals.
Adesina also referenced “Mission 300,” a joint initiative by the AfDB and the World Bank aimed at connecting 300 million Africans to electricity by 2030. Achieving this, he noted, would require substantial investments from both public and private sectors.
“The Energy Compacts for the first 12 countries total $127 billion, with more than $61 billion expected from private sector investors,” he said.
To attract more capital, Adesina emphasized the need to expand public-private partnerships and create mechanisms for developing pipelines of bankable projects.
On the broader development agenda, he warned that achieving the United Nations Sustainable Development Goals (SDGs) by 2030 would demand large-scale investments in infrastructure, energy, and digital connectivity.
He underscored the importance of investing in transport systems, health, education, water, sanitation, and human capital, estimating that Africa would need at least $1.3 trillion annually to meet these demands.
“This level of financing will require mobilizing capital from various sources, including domestic resource mobilization, capital markets, private investment, concessional funding, and foreign direct investment,” Adesina said.
He concluded by calling for a shift in mindset: “To accelerate and sustain economic growth, Africa must move away from reliance on aid and focus on investment to unlock its vast assets.”
According to him, the continent possesses all it needs to achieve its bold development ambitions.
