World Bank, AfDB to provide electricity for 300 million Africans by 2030

The World Bank Group will work to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid, while the AfDB Group will support an additional 50 million people.

Commenting on the initiative, President of the World Bank Group, Ajay Banga, said: “Electricity access is the bedrock of all development. It is a critical ingredient for economic growth and essential for job creation at scale. Our aspiration will only be realized with partnership and ambition. We will need policy action from governments, financing from multilateral development banks, and private sector investment to see this through.

“For the World Bank Group to connect 250 million people, $30 billion of public sector investment will be needed, of which IDA, the World Bank’s concessional arm for low-income countries, will be critical. In addition, governments will need to put in place policies to attract private investment and reform their utilities so they are financially sound and efficient with tariff mechanisms that protect the poor.

Worried by the dwindling oil production and the need to drive investments in the nation’s oil and gas sector, the Federal Government, through the Minister of State for Petroleum Resources , Heineken Lokpobiri, has underscored the imperative of ramping up production as a pivotal strategy to ensure stability in the midstream and downstream sectors of the industry.

Though it does not have the power to regulate prices, the Federal Competition and Consumer Protection Commission will deploy an existing legal framework to enforce fair competition and consumer protection provisions to achieve fair prices of commodities.

Electricity World Bank

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