Business Hilights
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AfDB at Africa Energy Market Place, pledges to inject $12bn in Nigeria, others

Nigeria electricity sector is set to witness heavy injection of external funding from the African Development Bank (AfDB) as the continental body has announced a $12bn investment in Nigeria’s energy programme and others.

President of the bank and former Nigerian Minister of Agriculture, Akinwumi Adesina dropped the hint while speaking at the inaugural edition of the Africa Energy Market Place on weekend.

According to him, “The bank has made a $12bn investment commitment to its new deal on Energy for Africa programme. Sub-Saharan Africa currently has 14 per cent of the world’s population and accounts for four per cent of global energy investment. Analysts at the bank note that several countries, including Ethiopia, Gabon, Ghana and Kenya, are on track to reaching universal electricity access by 2030”.

Adesina described the AEMP as an industry-wide collaborative platform convened by the AfDB to address barriers to mobilising and scaling-up private investment into the energy sector by bringing together key stakeholders in the continent’s energy sector.

Business Hilights gathered that the workshop specifically sought to address Africa’s dismal energy and electricity production and consumption, which currently stood at 150kWh per capita.

Besides, there is another multibillion dollar investment by an international donor agency to deepen power access using solar energy in the sub-Saharan Africa.