By Faridat Salifu
The outgoing President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has lamented the sharp contrast between Africa’s rich renewable energy resources and the continent’s huge electricity deficiency.
Africa holds some of the world’s richest renewable energy resources, yet over 600 million people on the continent still lack access to electricity, according to Dr. Akinwumi Adesina.
Speaking at the 2025 Standard Chartered Bank Africa Summit held recently in Lagos, Adesina said Africa holds some of the world’s richest renewable energy resources, yet over 600 million of its population still lack access to electricity.
He pointed out that the continent has enormous untapped energy potential, including 11 terawatts of solar power, 350 gigawatts of hydro, 150 gigawatts of wind, and 15 gigawatts of geothermal energy.
He stressed that investing in these resources could power Africa’s industrialisation and help the continent process and add value to its agricultural goods, minerals, and metals.
Adesina said bridging the continent’s electricity gap would require massive public and private investments.
He highlighted the AfDB-World Bank-led Mission 300 initiative, which aims to connect 300 million Africans to electricity by 2030.
He noted that the Energy Compacts for the first 12 countries involved in the project require $127 billion in total, with $61 billion expected to come from private sector investors.
According to him, Africa must shift away from reliance on aid and focus on unlocking capital through public-private partnerships and pipeline-ready projects.
Adesina added that achieving the United Nations Sustainable Development Goals (SDGs) by 2030 would demand major investment across energy, infrastructure, and digital connectivity.
He projected that Africa needs at least $1.3 trillion annually to meet development needs in energy, transport, education, health, water, and human capital.
He said this funding must come from a mix of domestic resource mobilisation, capital markets, concessional finance, private sector participation, and foreign direct investment.
Adesina concluded by affirming that Africa already possesses the assets to realise its ambitions, but it must attract investment, not just aid, to build inclusive growth.
