Dr. Akinwumi Adesina, the outgoing President of the African Development Bank (AfDB), highlighted that despite Africa’s vast renewable energy potential, approximately 600 million people on the continent still lack access to electricity. Speaking at the 2025 Standard Chartered Bank Africa Summit in Lagos, he emphasized the urgent need for significant investments to address this energy deficit. Adesina pointed out Africa’s abundant renewable sources, including 11 terawatts of solar, 350 gigawatts of hydro, 150 gigawatts of wind, and 15 gigawatts of geothermal energy.
He stated that harnessing these resources could drive industrial development and enhance competitiveness in sectors such as agriculture and mining. To facilitate this, the AfDB and World Bank’s Mission 300 aims to connect 300 million people to electricity by 2030, requiring substantial public and private sector investments. He noted that the Energy Compacts for the initial 12 countries amount to $127 billion, with over $61 billion anticipated from private investment.
Adesina called for expanded public-private partnerships and the development of bankable project pipelines to attract capital. He also stressed the necessity of investments in infrastructure, healthcare, education, and digital connectivity to achieve the United Nations Sustainable Development Goals by 2030. Africa will need around $1.3 trillion annually to finance these initiatives, requiring the mobilization of resources from various sectors, including domestic and foreign investments. Adesina concluded that Africa possesses the potential to realize its ambitious goals through strategic investments rather than relying solely on aid.