African Leaders, Global Partners Commit $50 Billion To Expand Electricity Access Across The Continent

President Bola Ahmed Tinubu has in a move to tackle Africa’s electricity deficit joined 30 African leaders in committing to a $50 billion initiative aimed at expanding reliable, affordable, and sustainable power supply across the continent. This ambitious plan, backed by international development partners, seeks to provide electricity access to 300 million Africans by 2030.

At the Mission 300 Africa Energy Summit (AES) held in Dar es Salaam, Tanzania, African heads of state and key global stakeholders gathered to adopt the Dar es Salaam Declaration—a framework for concrete reforms and targeted actions in the energy sector.

The summit, organized by the Tanzanian government in collaboration with the African Union (AU), the African Development Bank (AfDB), and the World Bank Group, saw the AfDB and World Bank pledge a combined $40 billion towards achieving the Mission 300 goal.

Following the signing of the Declaration at the Julius Nyerere International Convention Centre, leaders from Nigeria, Chad, Côte d’Ivoire, the Democratic Republic of the Congo (DRC), Liberia, Madagascar, Malawi, Mauritania, Niger, Senegal, Tanzania, and Zambia reaffirmed their commitment to accelerating electricity access for their citizens over the next five years.

Under this agreement, each participating country will develop National Energy Compacts, outlining specific policy measures and investment strategies tailored to their unique energy sector challenges.

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Representing President Tinubu at the summit, Minister of Power, Adebayo Adelabu, applauded the AfDB, World Bank, and other development partners for their financial commitment, emphasizing the urgency of energy access in Africa.

“Let us work together to create a brighter future for our citizens, where every African can access reliable and affordable energy—a future where our industries thrive, our economies grow, and our people prosper,” Tinubu stated through the Power Minister.

President Tinubu reaffirmed Nigeria’s dedication to achieving universal electricity access by 2030, acknowledging that while the goal is ambitious, it remains achievable with the right investments and reforms.

Highlighting Nigeria’s progress, he pointed to AfDB’s $1.1 billion funding, which is projected to bring electricity to five million Nigerians by 2026, and an additional $200 million under the Nigeria Electrification Project, set to power 500,000 people by the end of 2025.

AfDB President, Akinwumi Adesina, disclosed that the bank would contribute $18.2 billion (45.2%) of the financial commitment, while the World Bank will provide $22 billion (55.8%), ensuring significant funding support for Africa’s energy transformation.

World Bank President, Ajay Banga, also emphasized the crucial role of the private sector in achieving the initiative’s success, stating that between $30 billion and $40 billion would be channeled towards Mission 300 over the next six years.

As Africa moves towards closing its energy gap, the success of the Mission 300 initiative will depend on effective policy implementation, transparent fund management, and strong private sector participation.