The World Bank has called on private sector investors to play a key role in its “Mission 300” initiative, which seeks to connect 300 million people in Sub-Saharan Africa, including Nigeria, to electricity by 2030.
The initiative, in collaboration with the African Development Bank, aims to address the region’s energy access gap, where nearly 600 million people—83% of the global unelectrified population—lack electricity.
In its report titled “Mission 300 is Powering Africa,” the World Bank stated it has committed to connecting 250 million people, while the African Development Bank will provide electricity access to an additional 50 million.
To build momentum toward the goal, the World Bank is implementing large-scale projects like the Nigeria Distributed Access through Renewable Energy Scale-up.
In 2023, the World Bank approved $750 million for the DARES project, aimed at Western and Central Africa.
This initiative is set to benefit over 17.5 million Nigerians by replacing more than 250,000 diesel generators with cleaner energy solutions.
Additionally, the Accelerating Sustainable and Clean Energy Access Transformation program in Eastern and Southern Africa aims to connect 100 million people across 20 countries and has already launched in Burundi, Rwanda, Sao Tome and Principe, Somalia, and Tanzania.
The World Bank noted that bridging Africa’s energy gap will require private sector funding alongside public and multilateral financing to effectively address the continent’s energy needs and promote sustainable development.
“The private sector is central to filling funding gaps. Estimates vary, but electrifying Africa will require a lot more financing than what development banks alone can supply, making massive private investment crucial to meet Mission 300 objectives. Businesses must step in and scale up investments in transmission, distribution, and cross-border energy trade,” it stated.
Institutions like the International Finance Corporation and the Multilateral Investment Guarantee Agency are developing incentives and guarantees to stimulate private sector involvement in energy projects.
Additionally, Mission 300 is forging partnerships with regional organizations, including the Common Market for Eastern and Southern Africa, which encompasses 21 African countries.
