Akinwumi Adesina has stated that Africa possesses some of the largest renewable energy sources, yet 600 million people on the continent lack access to electricity.

To bridge the massive energy deficit, Adesina, the outgoing president of the African Development Bank, said the continent needed huge investment opportunities in the sector.

He made the assertions at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos.

In the text of his presentation, Mr Adesina identified the renewable energy sources available in Africa. The sources, according to him, included solar (11 Terawatts), hydro (350 gigawatts), wind (150 gigawatts), and geothermal (15 gigawatts).

He noted that unlocking these potentials will drive massive industrial development on the continent, enabling it to become more competitive and expand the value added to its vast agricultural commodities, minerals, and metals.

Mr Adesina disclosed that the AfDB and the World Bank jointly launched Mission 300, which aims to connect 300 million people to electricity by 2030.

“This requires public and private sector investments. The Energy Compacts for the first 12 countries totals $127 billion with over $61 billion expected from the private sector,” he said.

To attract capital and investments into the sector and other infrastructure assets, Mr Adesina said that public-private partnerships should be expanded. Also needed, according to him, are vehicles for preparing bankable project pipelines.

Speaking about the United Nations Sustainable Development Goals, Mr Adesina said that to achieve the goals by 2030, Africa also needs massive investments in infrastructure, energy, and digital connectivity.

He added that there must be significant investments in roads and transportation, as well as in social sectors such as health, education, water, and sanitation, alongside investments in human capital.

Specifically, he stated that the continent will require at least $1.3 trillion per year in financing.

“This will require the mobilisation of capital at several levels, including from domestic resources mobilisation, capital markets, private sector investments, concessional finance, and foreign direct investment.

“To achieve faster and more stable economic growth, Africa must move away from aid to investment to unlock its vast assets,” he said.

(NAN)