AfrElec: Africa needs $100bn annual investment to meet growing electricity demand

More than $100bn in investment is required annually to meet Africa’s electricity demand by 2030, according to Amina Benkhadra, director general of Morocco’s National Office of Hydrocarbons and Mines (ONHYM).

Speaking at the 2024 Africa Gas Innovation Summit (AGIS) in Abuja on June 13, Benkhadra highlighted Africa's pressing challenges, including low electrification rates, poor agricultural yields, low integration rates, and a deficit in advanced infrastructure.

These issues, she said, underscored the urgent need for investment and technological innovation in the region, Premium Times (Nigeria) reported.

“And when we see the energy needs, it is important to highlight that to satisfy the increasing African electricity demand, a large investment of over $100bn is needed annually in the power sector by 2030,” Benkhadra stated.

Additionally, she noted that Africa’s growing electricity requirements would necessitate substantial investments in power infrastructure, projected to total $3 trillion by 2050.

If you would like to read more about the key events shaping the African energy sector, then please click here for NewsBase's AfrElec Monitor.