The African Development Bank, AfDB is planning to make huge investments in Africa’s energy sector.

The development lender is planning to invest $12 billion, about 4.3 trillion naira in an energy programme that will cut across several African countries, including Nigeria.

A statement by the bank quoted the President, AfDB, Akinwumi Adesina, as saying this, adding that there was a need to act speedily to accelerate the plans to light up and power Africa.

He spoke during the inaugural edition of the Africa Energy Market Place, AEMP on Friday.

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“The bank has made a $12 billion investment commitment to its new deal on Energy for Africa programme. Sub-Saharan Africa currently has 14% of the world’s population and accounts for 4% of global energy investment.

"Analysts at the bank note that several countries, including Ethiopia, Gabon, Ghana and Kenya, are on track to reaching universal electricity access by 2030,” he said.

Adesina described the AEMP as an industry-wide collaborative platform convened by the AfDB to address barriers to mobilising and scaling-up private investment into the energy sector by bringing together key stakeholders in the continent’s energy sector.

He added that the workshop specifically sought to address Africa’s dismal energy and electricity production and consumption, which currently stood at 150kWh per capita.

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