Only 290 million of Sub-Saharan Africa’s population of 915 million currently have access to electricity, according to figures from the International Energy Agency (IEA).
To mobilise resources for developing the region, recently African Ministers of Energy gathered at the Norway-Africa Energy Summit organised by Norfund and the Norwegian-African Business Association (NABA).
The African Ministers of Energy, alongside energy companies, investors and researchers, highlighted the current status on energy in Africa. They underlined the necessity of putting in place a robust energy system, which will ensure electricity for the population and serving both the public and the private sector.
Sub-Saharan Africa is rich in terms of energy resources, but lags behind in terms of energy supply. According to figures from the International Energy Agency (IEA), only 290 million of Sub-Saharan Africa’s population of 915 million currently has access to electricity. Not enough investments are being made in developing viable energy systems, and the population growth is a contributing factor to the increase of people without access to electricity.
In order to create growth and lift people out of poverty, it is essential to have access to stable electricity. “It is therefore an urgent need in Sub-Saharan Africa for long-term capital investment in infrastructure. There is also a need for dedicated apparatus that help reduce the risks associated with the long investment horizon in energy developments, ” says Kjell Roland, Managing Director of Norfund. Four out of every five proposed energy projects are abandoned at an early stage due to many reasons, he pointed out.