AFDB TO INVEST $12BN IN AFRICA’S ENERGY SECTOR

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Energy in Africa has become a scarce commodity and has become a cause for concern for all stakeholders in recent times. In this wise, the African Development Bank has pledged to invest a further US$12 billion into Africa’s energy sector over the next five years.

In a recent visit to South Africa to see the progress made on the US$1.6 billion the bank has invested in the Medupi Power Plant, which is part of the US$3.6 billion it has invested in South African electricity utility, Eskom; the President of the African Development Bank, Akinwumi Adesina, voiced his support for South Africa’s bid to acquire nuclear energy.

Adesina says the African Development Bank has set out five priorities to help Africa advance in its development, the most important one being, to light up and power Africa.

He also says the bank is looking to feed Africa (through agriculture), integrate the continent, industrialise it and improve the quality of life of its people.

With South Africa setting the tone, it has therefore become increasingly essential for countries to determine their energy mix in order to have stable and affordable electricity that would impact other sectors of the economy.

 

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