Wale Edun, Nigeria’s Minister of Finance, has announced that the country’s electricity sector is open for investment during his speech at the #Mission300 African Energy Summit in Dar es Salaam, Tanzania. He emphasized Nigeria’s commitment to macroeconomic stability and clean energy goals, alongside efforts to achieve universal access to electricity. Edun encouraged investors and development partners to take advantage of the sector’s potential.
Despite recent progress, Sub-Saharan Africa continues to face significant challenges in electricity access. Around 80% of the global population without electricity resides in the region, with Nigeria being one of the most affected nations. However, reports indicate a slight reduction in the number of people lacking electricity, with an increase in grid connections and solar-home system deployments.
The Mission 300 initiative, a collaboration between the World Bank, African Development Bank, and other partners, aims to connect 300 million people in Sub-Saharan Africa to electricity by 2030. The project focuses on enhancing electrification, diversifying energy sources, and ensuring affordable, reliable power. The success of the initiative will depend on sector reforms, private sector investments, and the mobilization of public and concessional financing.
Source: BUSINESS DAY