The World Bank has called on private sector investors to play a crucial role in achieving its ambitious “Mission 300” initiative, which aims to connect 300 million people in Sub-Saharan Africa, including Nigeria, to electricity by 2030.
The program, a collaboration between the World Bank and the African Development Bank (AfDB), seeks to address the region’s significant energy deficit, where nearly 600 million people—83% of the global unelectrified population—lack access to electricity.
In its report titled “Mission 300 is Powering Africa,” the World Bank revealed it has committed to connecting 250 million people, while the AfDB is set to provide electricity to an additional 50 million.
To build momentum, the World Bank is rolling out large-scale projects, including Nigeria’s Distributed Access through Renewable Energy Scale-up (DARES). Approved in 2023 with a $750 million investment, the DARES project will benefit over 17.5 million Nigerians by replacing more than 250,000 diesel generators with cleaner energy solutions.
In Eastern and Southern Africa, the Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) program aims to connect 100 million people across 20 countries, with active projects in Burundi, Rwanda, Sao Tome and Principe, Somalia, and Tanzania.
The World Bank emphasized the importance of private sector funding to complement public and multilateral financing, stating, “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.”
To encourage private sector participation, institutions such as the International Finance Corporation and the Multilateral Investment Guarantee Agency are creating incentives and guarantees. Partnerships with regional organizations, including the Common Market for Eastern and Southern Africa (COMESA), are also being leveraged to establish a regional platform offering technical assistance, capacity building, and finance aggregation.
Philanthropic organizations such as The Rockefeller Foundation, the Global Energy Alliance for People and Planet, and the United Nations’ Sustainable Energy for All initiative are mobilizing additional resources to complement the efforts of the World Bank and AfDB.
The initiative aligns with the World Bank’s broader mission to eradicate extreme poverty and promote shared prosperity. “Every step toward Mission 300 also furthers our commitment to creating a livable planet for all,” the institution stated.
With Mission 300, the World Bank aims to transform the energy landscape in Sub-Saharan Africa, ensuring a sustainable and inclusive future for millions of people.
