- Dr Akinwumi Adesina urged massive public-private investments to harness Africa’s vast renewable resources and connect 600 million people without electricity.
- He cited the AfDB–World Bank “Mission 300” goal and the $1.3 trillion annual financing needed to drive infrastructure and investment-led growth.
African Development Bank (AfDB) President Akinwumi Adesina said on Thursday, August 7, that although Africa holds some of the world’s largest renewable energy resources, 600 million people remain without electricity.
At the 2025 Standard Chartered Bank Africa Summit in Lagos, Adesina said the continent needs significant investment to bridge its energy gap and drive industrial growth. He identified Africa’s renewable potential as including 11 terawatts of solar, 350 gigawatts of hydro, 150 gigawatts of wind, and 15 gigawatts of geothermal energy.
“Unlocking these resources will power large-scale industrial development, boost competitiveness, and expand value addition to Africa’s agricultural commodities, minerals, and metals,” said Adesina, who is nearing the end of his term as AfDB president.
Furthermore, he highlighted the AfDB and World Bank’s joint “Mission 300” initiative, which aims to connect 300 million people to electricity by 2030. The first 12 participating countries require $127 billion in energy investments, with over $61 billion expected from the private sector.
In addition, to attract capital, Adesina called for expanding public-private partnerships and creating vehicles to prepare bankable project pipelines. He also stressed that Africa must mobilise funding for energy, infrastructure, digital connectivity, and social services.
He said meeting the United Nations Sustainable Development Goals (SDGs) by 2030 will require at least $1.3 trillion annually, covering roads, transport, health, education, water, sanitation, and human capital. This funding, he noted, must come from domestic resource mobilisation, capital markets, private investment, concessional finance, and foreign direct investment.
“Africa must shift from aid to investment to unlock its vast assets,” Adesina said. “The continent has everything it takes to achieve its bold ambitions.”