Dennis Gabriel
ABUJA, Nigeria – The outgoing President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has said that despite possessing some of the world’s largest renewable energy resources, more than 600 million people across Africa still lack access to electricity.
In a statement issued on Wednesday, based on remarks delivered at the 2025 Standard Chartered Bank Africa Summit held in Lagos, and obtained by the News Agency of Nigeria (NAN), Adesina called for urgent investment in the continent’s energy infrastructure to close the gap.
He identified the continent’s renewable energy resources as including 11 terawatts of solar potential, 350 gigawatts of hydro, 150 gigawatts of wind, and 15 gigawatts of geothermal. “Unlocking these potentials will power massive industrial development for the continent,” he said, noting it would enhance Africa’s competitiveness and expand value addition to its agricultural and mineral resources.
Adesina highlighted the AfDB and World Bank’s joint initiative, Mission 300, which aims to connect 300 million Africans to electricity by 2030. “The Energy Compacts for the first 12 countries total $127 billion, with over $61 billion expected from the private sector,” he stated, calling for deeper public-private partnerships and bankable project pipelines.
Turning to the UN Sustainable Development Goals (SDGs), Adesina said Africa would need at least $1.3 trillion annually to meet targets in energy, infrastructure, digital connectivity, and social sectors such as health and education. “Africa must move away from aid to investment to unlock its vast assets,” he added, affirming the continent has the capacity to realise its bold ambitions.
