Dr Akinwumi Adesina, President of the African Development Bank (AfDB), has revealed that despite Africa’s immense renewable energy potential, over 600 million people on the continent still lack access to electricity.
Speaking at the 2025 Standard Chartered Bank Africa Summit in Lagos, Adesina emphasised that Africa is rich in renewable resources but needs significant investments to address its energy shortfall.
In remarks shared at the summit and made available to the News Agency of Nigeria (NAN), Adesina highlighted the continent’s untapped energy potential—comprising 11 terawatts of solar power, 350 gigawatts of hydroelectric capacity, 150 gigawatts of wind energy, and 15 gigawatts of geothermal power.
He noted that harnessing these resources would not only improve energy access but also accelerate industrialisation, competitiveness, and value addition across sectors such as agriculture, mining, and manufacturing.
Adesina also spotlighted “Mission 300, ”a joint initiative between the AfDB and the World Bank aiming to provide electricity to 300 million people by 2030. Achieving this target, he said, will require a mix of public and private sector funding.
“The Energy Compacts for the first 12 countries are valued at $127 billion, with more than $61 billion expected to come from private investments,” he stated.
To attract more capital into the energy and infrastructure sectors, Adesina advocated for expanding public-private partnerships and developing pipelines of investment-ready projects.
Touching on Africa’s progress toward the United Nations Sustainable Development Goals (SDGs), Adesina said the continent must ramp up investments in infrastructure, digital connectivity, transport, healthcare, education, and other social services. He estimated that achieving these goals would require at least $1.3 trillion in annual financing.
He stressed the need to mobilise funds through domestic resource generation, capital markets, foreign direct investments, and concessional finance.
“For Africa to achieve sustained and inclusive growth, the focus must shift from aid to investment. The continent holds the keys to its own transformation,” Adesina concluded.