The World Bank has called on private sector investors to play a key role in its ambitious “Mission 300” initiative, which aims to bring electricity to 300 million people across Sub-Saharan Africa, including Nigeria, by 2030.
In partnership with the African Development Bank (AfDB), the World Bank is addressing a critical energy access gap in the region, where nearly 600 million people — representing 83% of the world’s unelectrified population — still live without electricity.
According to the World Bank’s report, “Mission 300 is Powering Africa,” the institution is committed to connecting 250 million people, while the AfDB aims to reach an additional 50 million.
To meet its targets, the World Bank is rolling out large-scale projects such as Nigeria’s Distributed Access through Renewable Energy Scale-up (DARES).
The project, approved in 2023 with $750 million in funding, will benefit over 17.5 million Nigerians and replace more than 250,000 diesel generators with cleaner, renewable energy solutions.
In Eastern and Southern Africa, the Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) program is already making strides in countries like Burundi, Rwanda, Somalia, and Tanzania. The initiative aims to provide electricity to 100 million people in 20 countries across the region.
The World Bank emphasized that achieving the goals of Mission 300 will require significant private sector investment to supplement public and multilateral financing.
“Electrifying Africa will demand far more resources than development banks alone can provide. Private sector investments in transmission, distribution, and cross-border energy trade are critical to achieving the initiative’s objectives,” the report stated.
The International Finance Corporation and the Multilateral Investment Guarantee Agency are working to provide incentives and guarantees to encourage private sector participation in energy projects.
Mission 300 is also leveraging partnerships with organizations like the Common Market for Eastern and Southern Africa (COMESA), which represents 21 African states.
A “one-stop shop” regional platform is being developed to offer technical assistance, capacity building, and financing aggregation, helping countries prepare bankable energy projects.
Philanthropic organizations, including The Rockefeller Foundation and the Global Energy Alliance for People and Planet, are mobilizing public and private funding to complement resources from the World Bank and AfDB.
The initiative aligns with the World Bank’s broader mission to end extreme poverty and foster shared prosperity. “Every milestone in Mission 300 brings us closer to a livable planet for all,” the World Bank stated.
As the deadline approaches, the collaborative effort of governments, private investors, and development institutions will be crucial in bridging Africa’s energy divide and improving the lives of millions.