World Bank Pledges Renewable Energy for 70Mn Rural Nigerians
By Patience Ikpeme
The World Bank has pledged to expand access to renewable energy for over 70 million rural Nigerians.
World Bank Managing Director of Operations, Anna Bjerde, while addressing West and Central African Ministers of Finance emphasized the need to leverage regional integration efforts, such as the West African Power Pool, which was established 25 years ago to provide clean and affordable energy across the continent.
She noted that despite significant investment and progress recorded so far, it is projected that almost 600 million Africans will remain without electricity by 2030, with the majority in protected countries.
The World Bank estimates that with $30 billion in support, they could provide electricity access to 300 million people in Africa by 2030.
Bjerde emphasized the importance of public and private sector collaboration and the role of domestic resources in achieving universal electricity access.
She also discussed the success of initiatives like the Digital Economy for Africa Initiative, which tripled broadband penetration in five years.
Bjerde also stressed the importance of a strong delivery system to support vulnerable populations in times of crises, as demonstrated during the COVID-19 pandemic.
The World Bank’s financing to Sub Saharan Africa Bjerde stated has significantly increased over the years, with a focus on long-term sustainable development. Bjerde highlighted the need for further transformation to address global challenges such as climate change, biodiversity, digital development, food security, and more.
She emphasized the importance of partnerships, knowledge sharing, and mobilizing private sector resources to achieve these goals.
Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, echoed the importance of this meeting and discussed the focus on financing, electricity access, social safety nets, digitization, and other key issues that affect poor countries.
He emphasized the World Bank’s role as a trusted development partner in addressing these challenges.
