Dar es Salaam. Heads of leading multilateral financing organisations have pledged unprecedented commitments to electrify Africa, a move they say will catalyse job creation for millions of young people on the continent by 2030.
The announcements were made during the Mission 300 Africa Energy Summit held in Dar es Salaam on Tuesday January 28, a gathering aimed at addressing Africa’s chronic energy deficits and leveraging its demographic dividend.
Grand commitments to Africa’s energy future
President of the African Development Bank (AfDB), Dr Akinwumi Adesina, lauded the summit for galvanising significant commitments from global financing institutions.
Speaking at the event, Dr Adesina highlighted major pledges made on Monday January 27, including $2.65 billion from the Islamic Development Bank, $1.5 billion from the Asian Infrastructure Investment Bank, and $1 billion from the OPEC Fund for International Development.
“These commitments reflect the collective determination of our partners to ensure that Africa achieves universal energy access,” said Dr Adesina.
“With the right investments, we can transform the lives of millions, delivering both power and promise.”
Tackling youth unemployment through energy access
President of the World Bank Group, Ajay Banga, emphasised the urgency of addressing Africa’s youth unemployment crisis, noting that 360 million young people will enter the continent’s labour force over the next decade.
Alarmingly, current Africa systems can only absorb 150 million, leaving three out of five without employment opportunities.
“Our mission is to electrify 300 million Africans in the next five years. This is the cornerstone of the jobs agenda,” Mr Banga stated.
“To succeed, we must embrace one fundamental truth: no one can do it alone. Collaboration between governments, businesses, and development partners is non-negotiable.”
The World Bank, he revealed, is committing $30 to $40 billion over the next five to six years to power this ambitious strategy.
“Governments must act as architects of reforms and engineers of investment, crafting policies and mobilising resources to finance essential infrastructure,” he added.
A call for urgency and collaboration
UN Deputy Secretary-General Amina Mohammed underscored the need for accelerated efforts to meet the goals of Sustainable Development Goal 7 (SDG7) and the Paris Agreement.
SDG7 focuses on ensuring access to ‘affordable, reliable, sustainable and modern energy for all,’ aiming to address the issue of people globally who lack access to electricity or clean cooking solutions, thereby promoting the transition to renewable energy sources and energy efficiency practices.
She stressed that Africa must seize the opportunity to position itself as a global clean energy powerhouse.
“This requires urgent action in three critical areas: creating enabling environments to attract scaled private and public investments, fostering stronger and more stable policies, and ensuring regulatory frameworks are coherent,” said Ms Mohammed.
The clean energy transition, she argued, is not only essential for achieving energy security but also for addressing the climate crisis and driving sustainable development.
Pathway to progress
The summit highlighted the indispensable role of reliable electricity in creating jobs, fostering industrialisation, and driving inclusive economic growth.
The commitments from multilateral financiers are part of a broader strategy to bridge Africa’s energy gap, which is widely regarded as a major impediment to economic progress.
According to experts at the event, Africa’s vast renewable energy resources—including solar, wind, and hydropower—offer a unique opportunity to build a sustainable and resilient energy future.
However, this will require coordinated investments and the removal of barriers to private sector participation.
A vision for 2030
The electrification agenda aims to power industries, schools, healthcare facilities, and homes, creating the foundation for a vibrant economy that can absorb the growing youth workforce.
While the road ahead is fraught with challenges, the summit has reinforced the shared belief that Africa’s energy transformation is achievable with the right mix of leadership, collaboration, and investment.
Dr Adesina concluded with optimism: “The path to electrifying Africa is not just about energy. It’s about empowerment. It’s about ensuring that Africa’s youth can build a future of dignity and opportunity. Together, we will make this vision a reality.”
