Africa can stimulate new infrastructure development by utilizing its renewable energy potential, according to a report released by the Africa Finance Corporation (AFC) earlier this month.
The report highlights current infrastructure gaps in Africa’s power, transport, logistics and digital communications sectors, where inadequate infrastructure and outdated models – such as traditional pit-to-port models – have hampered economic growth to date.
According to the AFC’s findings, global shifts toward clean energy present new opportunities for revitalized growth, such as converting existing fuel-powered plants to gas or regionalizing electricity trading via power pools.
Improved energy access was highlighted for its ability to not only reduce energy poverty, but also provide sustainable energy solutions for industrial and economic development.
“The report is a call to action for stakeholders across the continent to collaborate for a smarter, more targeted and better-coordinated investment approach,” said AFC President & CEO Samaila Zubairu.
