Nigeria and other African countries will need $200 billion annually until 2030, to achieve their energy-related development goals. Deputy Coordinator, Power Africa, Chris Foley, who disclosed this, said that the figure is far more than the funding available in total from African governments and foreign donors.
Speaking during the announcement of this year’s edition of the Powering Africa Summit (PAS24), he said one of the main goals of the event is to explore more innovative financing models to help over 590 million people in sub-Saharan who live without access to electricity.
Foley said the summit would offer them the chance to expand their connections with both public and private sectors. “Since 2013, we have harnessed the collective resources of 12 U.S. government agencies and over 200 public and private sector partners to end energy poverty in sub-Saharan Africa, helping to deliver new or improved electricity services to nearly 200 million people across that region.”
Corroborating the summit’s efforts in creating new frontiers for renewable and sustainable energy in Africa, Power Minister, Adebayo Adelabu; Minister of Solid Minerals Development, Dele Alake and Minister of State for Gas, Obongemem Ekperikpe Ekpo, will alongside Foley, meet government stakeholders, institutional investors, private financiers, service and technology providers from across the U.S., to discuss Nigeria and Africa’s energy challenges and new investment opportunities.
