‘600m Africans lack access to electricity’
Outgoing President of the African Development Bank (AfDB), Akinwumi Adesina, has stated that, in 2025, Africa accounted for 12 out of the 20 fastest-growing economies in the world.

Adesina disclosed this in a paper presented at the 2025 Standard Chartered Bank Africa Summit recently in Lagos.

He also noted that Africa has some of the largest renewable energy sources, yet 600 million people lack access to electricity on the continent.

To bridge the massive energy deficit, he canvassed huge investment opportunities in the sector.

Adesina, who has been AfDB President since 2015, is expected to complete his maximum two terms of 10 years on September 1, 2025.

According to him, Africa’s economic growth is projected to rise from 3.3 per cent in 2024 to 3.9 per cent in 2025 and to 4.0 per cent in 2026. He added that, defying all odds, 21 African countries were expected to exceed five per cent growth in 2025, with some even exceeding seven per cent.

Regrettably, the renowned economist noted that the Gross Domestic Product (GDP) growth rate on a per capita basis in the continent still falls significantly short of what is needed to achieve quantum leaps in inclusive growth and prosperity for its 1.4 billion people.

He said the gap informed the AfDB’s decision to launch its High 5 strategic programs 10 years ago.

On what informed the growth, Adesina identified rapid population growth across the continent. He said Africa, with the world’s largest youth population, spurred increased consumption of goods and services.

Africa, he added, is critical for feeding the world, as 65 per cent of the uncultivated arable land left to feed the world is on the continent.

According to him, what Africa does with its agriculture will determine the future of food in the world.

He said: “The size of the food and agriculture market in Africa is estimated to rise to $1 trillion by 2030. Vast opportunities exist for agribusinesses and Agri-tech companies to apply digital tools to raise productivity and incomes,” he said.

The AfDB boss equally underscored the importance of expanding access to digital services. He cited a collaborative effort between AfDB and Mastercard, which aims to provide digital access to information and markets for 300 million farmers.

In the text of his presentation at the event, obtained by the News Agency of Nigeria (NAN), Adesina identified the renewable energy sources available in Africa to include solar (11 Terawatts), hydro (350 gigawatts), wind (150 gigawatts), and geothermal (15 gigawatts).

He noted that unlocking the potential would power massive industrial development for the continent, allowing it to be more competitive and expand value addition to its vast agricultural commodities, minerals and metals.

The AfDB and the World Bank’s jointly launched Mission 300 has as its goal to connect 300 million people to electricity by 2030, he disclosed.

“This requires public and private sector investments. The Energy Compacts for the first 12 countries total $127 billion, with over $61 billion expected from the private sector,” he said.

To attract capital and investments into the sector and other infrastructure assets, Adesina said that public-private partnerships (PPPs) should be expanded.

Also needed, according to him, are vehicles for preparing bankable project pipelines.

Speaking on United Nations Sustainable Development Goals (SDGs), Adesina said to achieve the goals by 2030, Africa also needs massive investments in infrastructure, energy and digital connectivity,