Financial Energy Review
……by Ben Ndubuwa……
With sense of urgency, Dr. Akinwumi Adesina, President and Chairman of the African Development Bank (AfDB) Group, has called for action on Africa’s energy challenges, addressing delegates at the ongoing Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, Adesina urged the continent to prioritize electrification in order to power its development.
Speaking on the theme “Taking Africa’s Energy Agenda to the Next Level” on Monday, Adesina emphasized the critical need for collaboration among governments, the private sector, civil society, and development partners to tackle the energy crisis that is stifling Africa’s growth.
“I want to begin by thanking His Excellency President Zulu Aznani for hosting us in this beautiful country of Tanzania and everyone here for joining this global mission to ensure Africa has the electricity it needs to power itself,” Adesina said.
The AfDB president outlined the dire state of Africa’s energy landscape, pointing out that the continent loses between three to four percent of its GDP annually due to a lack of access to reliable electricity. “Over 571 million Africans remain without access to electricity, accounting for 83 percent of the global population living without it. This must change,” he stated.
Adesina emphasized that the summit should not just be a discussion platform but a call to action. “This isn’t about us as institutions; it’s about the millions of people without access to electricity. We must act for them. This summit must be action-driven,” he asserted.
The Mission 300 initiative, a collaboration between the African Development Bank, the World Bank, and other global stakeholders, aims to provide electricity to 300 million Africans by 2030. As part of this mission, energy compacts are being signed with 12 countries to provide access for 145 million people.
Dr. Adesina urged African governments to take the lead in addressing the energy crisis. He called for increased investments in power generation, transmission, and distribution infrastructure, as well as reforms to enhance last-mile connectivity and reduce both technical and financial losses. “Countries must prioritize last-mile connectivity, reform utilities, and reduce technical and financial losses. Regional power-sharing agreements are also crucial,” he added.
He also stressed the importance of accountability, declaring, “This is not a talking summit. It’s about delivering megawatts of power, not megawatts of talk.”
Adesina noted the key role that the private sector plays in achieving energy goals, but cautioned that a conducive investment climate must be created for private investors to thrive. “Private investors need predictable and transparent policies. The cost of capital in Africa is three to four times higher than in other regions, which must be addressed,” he said.
The importance of electrification goes beyond mere access to power—it is essential for economic growth, job creation, education, and healthcare. “Electricity is a human right. It powers education, healthcare, digitisation, and economic opportunities. Without it, we cannot develop,” Adesina affirmed.
Reaffirming the AfDB’s commitment, Adesina concluded, “We cannot develop in the dark. Together, we will light up and power Africa.”
World Bank President, Mr. Ajay Banga, also delivered remarks at the summit, highlighting the progress made since the Mission 300 initiative’s launch in 2024. “Regulatory reforms and geospatial mapping are helping to streamline efforts,” Banga noted. “The bank has financed partnerships, including a commitment of 30 to 40 billion dollars, aimed at transforming energy access across the continent.”
Dr. Rajiv Shah, President of the Rockefeller Foundation, also praised the summit’s African-led approach. “This effort must be African-led at every level. With over 30 heads of state committing to energy compacts and private sector engagement, this is an extraordinary moment,” he said.
Shah expressed gratitude for the leadership shown by Adesina and Banga, saying, “An extraordinary gratitude and thanks to both Ajay and Akin for the leadership, they and their institutions, all the work that the teams have shown to bring us to this point. The world should ask itself, does this summit in Tanzania matter? Will it deliver something that has a chance to be wildly successful? Frankly, at a time when a lot of global politics have moved toward a more inward and populist focus around our planet, I am extremely confident that the answer to that question is yes.”
The Mission 300 Summit, described as a “landmark” event, brings together African Heads of State, government leaders, and energy experts to work toward transforming Africa’s energy landscape. Over 1,000 participants from across the continent and beyond have gathered to discuss policies, infrastructure investment, and strategies to achieve universal energy access.
The summit aims to support the implementation of the Continental Master Plan and the African Single Electricity Market, with 12 countries expected to pledge reforms in low-cost power generation, regional energy integration, increased energy access, enabling private investment, and strengthening utilities.
The initiative comes at a time when about 600 million people in Africa—representing 83 percent of the global energy deficit—still lack access to electricity. Organizers of the summit view the convergence of stakeholders as a vital step toward achieving the goal of providing electricity to 300 million people by 2030.
“We are witnessing a historic moment in Africa’s journey toward universal energy access,” said one of the summit organizers. “By working together, we can tackle the continent’s energy challenges and create a brighter, more prosperous future for all.”
As the summit progresses, the urgency of the situation has become clear, with all participants agreeing that it is time to take bold steps to ensure that no African is left in the dark. With commitments from African governments, private investors, and development partners, the Mission 300 initiative aims to light up the continent and unlock its vast potential for growth and development.
In conclusion, Dr. Adesina’s call for urgent action on Africa’s energy crisis has set the tone for a future where electrification drives economic, social, and human development across the continent. The Mission 300 summit represents a crucial milestone in the fight to bring electricity to the millions of people still living without this essential service.
