The African Development Bank (AfDB) has described Africa’s poor energy access as the biggest business deal of the century, thus asking businesses and investors to pick up interests and invest in the continent’s energy sector.
AfDB’s president, Akinwumi Adesina, said this at the last G7 Summit in Italy. He also said that, “Africa needs innovation,” in its energy sector to industrialise.
Emphasising this as crucial for access to energy, Adesina noted that 645 million Africans do not have access to electricity. This number would however need to be energised using the continent’s abundant energy supply source.
“Africa cannot develop in the dark. Africa needs an energy revolution,” he said, adding: “That is why the Bank is investing $12 billion over the next five years in the energy sector as well as to leverage up to $50 billion, to address this challenge.”
“We are investing in unlocking Africa’s renewable energy potential, especially innovations on solar power. Our goal is to connect 130 million households to grids and 75 million households to off-grid solar systems within ten years. To light up and power Africa is the biggest deal of the century,” Adesina explained.