News
17 countries commit to concrete plans to scale up electricity access as mission 300 expands
Seventeen African governments today committed to reforms and actionable plans to expand electricity access as part of Mission 300—an ambitious partnership led by the World Bank Group and African Development Bank Group that aims to connect 300 million Africans to electricity by 2030. At the Bloomberg Philanthropies Global Forum, national Energy Compacts—practical blueprints that guide public spending, trigger reforms, and attract private capital—were endorsed by Benin, Botswana, Burundi, Cameroon, Comoros, the Republic of the Congo, Ethiopia, Gambia, Ghana, Guinea, Kenya, Lesotho, Mozambique, Namibia, São Tomé and Principe, Sierra Leone, and Togo. “Electricity is the bedrock of jobs, opportunity, and economic growth,” said World Bank Group President Ajay Banga. “That’s why Mission 300 is more than a target—it is forging enduring reforms that slash costs, strengthen utilities, and draw in private investment.”
Since the launch of Mission 300, 30 million people have already been connected, with more than 100 million in the pipeline. “Reliable, affordable power is the fastest multiplier for small and medium enterprises, agro-processing, digital work, and industrial value-addition,” said African Development Bank Group President Dr. Sidi Ould Tah. “Give a young entrepreneur power, and you’ve given them a paycheck.” National Energy Compacts are at the core of Mission 300, developed and endorsed by governments with technical support from development partners. Tailored to each country’s context, these practical blueprints integrate three core tracks—infrastructure, financing, and policy.
Earlier this year, Energy Compacts were endorsed by Chad, Cote d’Ivoire Democratic Republic of Congo, Liberia, Madagascar, Malawi, Niger, Nigeria,Senegal, Tanzania, Tanzania and Zambia together pledging to make more than 400 policy actions to strengthen utilities, reduce investor risk, and remove bottlenecks. The World Bank Group and the African Development Bank Group are working with partners including the Rockefeller Foundation, Global Energy Alliance for people and planet. sustainable energy for all, and the World Bank’s Energy Sector Management Assistance Program trust fund to align efforts in support of powering Africa. Many development partners and development finance institutions are also supporting Mission 300 projects through co-financing and technical assistance.
-
News2 days agoSpaceX insiders get their first chance to cash out — but the stock’s slide will limit their opportunity
-
Finance2 days agoNAICOM revokes Nigeria Reinsurance licence, freezes bank accounts
-
Economy2 days agoAfrican free trade agency taps Nigerian firm for $3.1bn customs overhaul project
-
Finance2 days agoNigeria’s plan to tax crypto transactions could undermine adoption–operators
-
Economy2 days agoUNCTAD estimates Nigeria’s FDI inflow rose from $1.614bn in 2024 to $4.005bn in 2025
-
Stock Market2 days agoNGX extends gains with All-Share Index (advancing by 0.12%
-
Economy17 hours agoAfrica’s infrastructure guarantees platform plans to double its capital, CEO says
-
Finance17 hours agoBOI to raise N250bn through bond offer to finance businesses in key sectors
