Africa Calls for Bold Energy Investments

Africa faces a significant energy injustice, with 600 million people lacking electricity access, necessitating global support for private sector initiatives to address this challenge. The African Continental Free Trade Area (AfCFTA) is set to reshape trade by eliminating 90% of tariffs among African nations, potentially boosting intra-African trade from 16% to 52% by 2025. Aliko Dangote's $20 billion refinery project in Nigeria highlights the difficulties faced by local entrepreneurs, including regulatory challenges and the need for support amidst industry competition. Sierra Leone is advancing its renewable energy goals, aiming for a 60% renewable energy mix by 2030 through solar mini-grids and substantial investments from multilateral organizations. Africa's energy sector, rich in resources, is pivotal for economic growth and industrialization, with increasing investments in both renewable and natural gas projects across various countries. The continent's potential for off-grid energy solutions also presents opportunities for rural electrification and business development.