Dr Akinwumi Adesina, the outgoing President of the African Development Bank (AfDB), has highlighted a critical paradox facing Africa.
He said that while the continent possesses immense renewable energy resources, approximately 600 million people still lack access to electricity.
Adesina emphasised that bridging this energy gap requires substantial investment, particularly from the private sector.
Speaking at the 2025 Standard Chartered Bank Africa Summit, Adesina detailed the continent’s untapped renewable energy potential, which includes an estimated 11 terawatts of solar power, 350 gigawatts of hydropower, 150 gigawatts from wind, and 15 gigawatts of geothermal energy.
Unlocking these resources, he said, is essential for driving industrial development and boosting the continent’s competitiveness by adding value to its agricultural products, minerals, and metals.
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To address the electricity shortfall, Adesina mentioned the joint AfDB and World Bank initiative, “Mission 300,” which aims to provide 300 million people with electricity by 2030.
The initiative has already secured commitments totalling $127 billion for the first 12 participating countries, with over $61 billion expected from private sector investments.
To attract the necessary capital, Adesina called for expanding public-private partnerships and creating mechanisms to develop a pipeline of commercially viable projects.
Beyond energy, Adesina stressed that achieving the United Nations Sustainable Development Goals (SDGs) by 2030 requires comprehensive investments across various sectors.
He estimated that Africa needs at least $1.3 trillion annually for infrastructure, digital connectivity, roads, and social sectors like health, education, and water.
He urged a shift from a reliance on foreign aid to a focus on investment to stimulate faster and more stable economic growth, asserting that Africa has the resources to achieve its ambitious goals.
