- Nigeria and 12 other African countries will present energy projects at the Africa Energy Summit, aiming to secure part of a $40 billion funding initiative to provide electricity to 300 million people by 2030.
- The Mission 300 program, backed by the World Bank and AfDB, focuses on grid and off-grid power solutions to address Africa’s energy crisis and promote clean energy transition.
Nigeria is gearing up to showcase critical energy projects to leverage the $40 billion funding initiative for power development, backed by the World Bank and the African Development Bank (AfDB).
The two development banks will convene the Africa Energy Summit on January 27-28, 2025, to advance a bold strategy to provide electricity to 300 million Africans by 2030. This ambitious initiative seeks to tackle Africa’s enduring energy crisis. As part of the Mission 300 program, the World Bank and AfDB offer up to $40 billion in financing for African nations to improve their energy infrastructure. At the summit, 13 countries, including Nigeria, the Democratic Republic of Congo, Chad, and Côte d’Ivoire, will present their plans to secure a share of the funding.
The initiative aims to connect half of Africa’s population through national grid-linked power projects and provide the other half with off-grid energy solutions, such as solar mini-grids.
The $30 billion in financing will come from the development banks, with an additional $10 billion expected from private sector partners. The summit, which will take place in Dar es Salaam, Tanzania, will bring together 13 African Heads of State, global partners, philanthropies, and private sector leaders to accelerate energy access and transition the continent toward cleaner energy.
Franz Drees-Gross, the World Bank’s director for Infrastructure in West Africa, emphasised the urgency of the initiative, stating that “Mission 300 represents not just an ambitious target but a movement…we are creating a lasting impact that will power Africa’s growth and enable millions of people to access the essential services electricity provides.”
Launched in April 2024, Mission 300 is a groundbreaking collaboration between the World Bank, AfDB, and other international partners to address Africa’s significant energy access gap. Nearly 600 million Africans and about 83 per cent of the global energy poor lack electricity.
The summit will also introduce initiatives to boost domestic resource mobilisation, encourage cross-border trade to spread risk and enhance financing for energy access projects. Furthermore, the Global Energy Alliance for People and Planet (GEAPP) and The Rockefeller Foundation have pledged $10 million to create a technical assistance facility for electricity projects in 11 African nations.
Sarvesh Suri, the IFC’s director for Infrastructure in Africa, highlighted the initiative’s collaborative nature, noting, “What makes this initiative different is the ‘all hands on deck approach,’ with numerous institutions working together to deliver this ambitious agenda.”
The summit will conclude with signing the Dar es Salaam Energy Declaration. African governments will commit to accelerating energy access, promoting renewable energy adoption, and attracting private sector investment. The 13 pilot countries, including Nigeria, the Democratic Republic of Congo, and Côte d’Ivoire, will pledge reforms in five key areas: low-cost power generation, regional energy integration, increased energy access, enabling private investment, and strengthening utilities.