Power Supply 2030: Africa Requires $100bn Annually- AfDB

Access to a steady power supply has been denied to many citizens of various African nations to the point that the only option out of this quagmire, according to the African Development Bank, AfDB, is injecting $100 billion into the sector annually.

Wale Shonibare, the Director, Energy Financial Solutions, Policy and Regulation, AfDB, made this known yesterday at the 2021 Nigeria Energy Forum, NEF.

He stated that Africa requires a significant financial investment to improve electricity access on the continent.

The Director noted that the continent expected demographic trend would worsen this situation.

Shonibare pointed out that 57 per cent of the expected increase in the global population between today and 2040 will be in Africa.

According to him, achieving universal access by 2030 requires a significant ramp-up in spending over one hundred billion per year.

Expatiatiting, he noted that with fifty-one billion for transmission and distribution lines, Africa would achieve $34 billion for grid generation and $17 billion for off-grid systems.

Power Supply 2030: Minister Says 90 million Nigerians Lack Access

On his part, the Minister of State for Power, Goddy Jedy-Agba, has stated Nigeria has over 90 million people without direct access to energy.

He noted that Nigeria remains one of the countries with the least access to energy in the world.

Agba hinted that 2.6 billion people still lack access to clean cooking solutions.

He said Nigeria must address the aforementioned deficit because energy access underpins economic development.

However, the Minister also noted that it enables other human capital, such as access to adequate healthcare services, quality education, and economic productivity.

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