Finance Minister Calls for Transformative Energy Policies

Nigeria’s Minister of Finance and Coordinator of the Economy, Mr. Wale Edun, has underscored the pivotal role of energy access in driving economic growth and achieving sustainable development across Africa.

Speaking during a panel discussion titled “Policies and Reforms for Transforming African Energy” at the ongoing Mission 300 Africa Energy Summit on Monday, Mr Edun stressed the importance of energy reforms in unlocking the continent’s economic potential.

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The summit, held in Dar es Salaam, brings together leaders and policymakers to explore strategies for addressing Africa’s energy challenges and fostering development through innovative solutions.

According to Edun, Africa has to take cognisance of global risks such as state conflict, trade wars, and misinformation and its nations must take charge of their own energy future.

“It is so important that we are here. The President of Nigeria, the largest country in Africa, is here, as are other heads of state, committed to this cause,” Edun said.

Referring to statements made by prominent leaders, he echoed World Bank President Mr Ajay Banga’s assertion that “electricity is a human right,” underscoring its vital role in dignity and quality of life.

Similarly, the President of the African Development Bank has described energy as “blood in the body,” stating that without it, much cannot be achieved.

WALE EDUN DECLARES NIGERIA’S ELECTRICITY SECTOR OPEN FOR INVESTMENT AT AFRICAN ENERGY SUMMIT

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has delivered the keynote address at an exclusive dinner in Dar es Salaam, Tanzania, ahead of… pic.twitter.com/auVf36v546

— Federal Ministry of Finance (@FinMinNigeria) January 27, 2025

The minister explained that access to reliable energy is essential for economic growth and poverty alleviation.

“Without high access to energy, we cannot achieve high incomes,” he added.

Edun also stressed the need to grow African economies rapidly and lift people out of poverty.

He said that Nigeria’s progress was also a key focus, noting the country’s leadership in driving the largest decentralised renewable energy (DRE) programme in Africa.

He highlighted Nigeria’s significant strides in reforming its energy sector, attracting private sector investment, and closing the electricity gap.

“We have partnered with the private sector, and since regulating the sector, we’ve set up 150 mini-grids and connected a million solar panels.

“What we are focused on is ensuring profitability in energy provision, as this is key to meeting the demand.”

Edun further emphasised that the private sector, in addition to multilateral development banks and philanthropy, plays a crucial role in the success of Africa’s energy transition.

He drew a parallel to the mobile telephony sector, once seen as a luxury, which is now accessible to nearly everyone.

“A similar revolution must and can take place in the energy sector.

“Nigeria’s goal for 2030 is universal energy access and clean cooking, and the country is leveraging cutting-edge technologies to maximise this opportunity.

“In Nigeria, energy is not only achievable but also profitable. Our ambition is clear, and we have the scale to make it work,” Edun said.

The summit will convene heads of State, international organisations, energy experts, and private sector leaders to devise strategies for achieving universal energy access.

Key outcomes of the summit include the Dar es Salaam Energy Declaration, a commitment to reforms and actions necessary for the success of Mission 300.

It includes 12 country energy compacts with detailed, country-specific action plans, including least-cost power expansion models, renewable energy solutions, and private sector involvement.

The key objective of Mission 300 is capacity building, which focuses on investments in generation capacity, transmission systems, and distribution grids to create affordable and sustainable electricity services.

It also involves the deployment of mini-grids and solar home systems to reach underserved regions as well as enlisting new partners and mobilising financial resources to support the mission.

Mission 300 will also allow leveraging renewable energy by harnessing Africa’s vast renewable energy resources amidst declining costs of renewable technologies.

 

 

 

NAN