- Nigeria’s Finance Minister, Wale Edun, announced the country’s electricity sector is open for investment at the #Mission300 African Energy Summit.
- Mission 300, led by the World Bank, aims to connect 300 million people in sub-Saharan Africa to electricity by 2030, focusing on clean energy and infrastructure development.
- Nigeria remains a key player in Africa’s energy access goals, with around 80% of the population living in sub-Saharan Africa without electricity.
Nigeria’s Minister of Finance, Wale Edun, declared the country’s electricity sector open for investment at the #Mission300 African Energy Summit on Sunday. He highlighted opportunities for investors and emphasised Nigeria’s commitment to economic stability, clean energy, and universal electricity access.
The Ministry of Finance shared this announcement on X (formerly Twitter) on Monday, January 27.
Nigeria and other sub-Saharan African nations account for about 80% of the global population without electricity access. The International Energy Agency (IEA) reported a decrease in the number of people without electricity, from over 760 million to below 750 million in the past year. Despite progress, sub-Saharan Africa continues to face significant energy access challenges.
“The largest gap remains in sub-Saharan Africa, where 80% of the global population without electricity lives,” the IEA report stated. Progress resumed in 2023 after a three-year stall, driven by grid connections, solar home systems, and mini-grid installations. Yet, 600 million people in the region still lack electricity, slightly higher than in 2019.
The World Bank, along with the African Development Bank and others, leads Mission 300, an initiative targeting connecting 300 million people in sub-Saharan Africa to electricity by 2030. The project aims to speed up electrification while transitioning to cleaner, diversified energy sources.
Mission 300 plans to meet growing electricity demand, drive economic growth, and create jobs. The initiative focuses on investments in power generation, transmission, distribution, regional interconnection, and reforms to improve electricity quality, reliability, and affordability.
The World Bank underscored the importance of collaboration for Mission 300’s success. It urged governments to push sector reforms and ensure the financial sustainability of electricity utilities. The private sector must also increase investments in distributed energy solutions, grid-connected power generation, and new transmission and distribution models.
Partners, including multilateral development banks and philanthropies, must mobilise public and concessional financing for on-grid and off-grid electrification projects.
Nigeria’s move to open its electricity sector aligns with its focus on clean energy goals and sustainable development. Edun’s call for investment supports Nigeria’s efforts to close its energy gap and strengthen its economy.
As one of the countries with the largest population lacking electricity, Nigeria plays a crucial role in Africa’s energy access goals. Through initiatives like Mission 300, Nigeria and its partners aim to drastically reduce the number of people without electricity while transitioning to greener, more reliable energy sources.
The African Energy Summit continues to serve as a platform for governments, investors, and stakeholders to collaborate on achieving universal energy access and sustainable development across the continent.