NIGERIA ELECTRICITY - The 8th President of the African Development Bank (AfDB), Akinwumi Adesina has explained that AfDB would invest $12bn over the next five years in support of accelerated electricity supply in Africa and would leverage between $45 to $50m from the private sector.

He disclosed this at the Africa Day in Marrakech, Morocco on the side-line of COP22, organized by African Union (AU) in collaboration with Nigeria and Economic Community of West African States (ECOWAS), with the theme, “Moving from Commitment to Action with the Intended Nationally Determined Contribution (INDC) and the Africa Renewable Energy Initiative (AREI)”,
According to him, “The reason Africa export raw and unprocessed materials is due to lack of electricity which has pushed Africa down to the bottom of global value chains but Africans must power up itself to add value to what it produces, speeding up industrialization and moving to the top of global value chains.

This he said must start by unlocking the huge potentials of energy on the continent including Africa’s vast potentials in renewable energy as well as non- renewable energy saying there is a need for Africa to develop a balanced energy means that would allow it to industrialize.

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