43% of Africa’s Population Lack Access to Electricity—IEA

Image

By Adedapo Adesanya

The International Energy Agency (IEA) has said that $25 billion in annual investments could bring full access to electricity to Africa by 2030.

This is as the number of Africans with access to electricity fell during the COVID-19 pandemic, the Paris-based agency said Monday.

The IEA said 600 million people, or 43 per cent of the continent’s population, lack access to electricity — mostly in sub-Saharan Africa.

The number of people living without electricity increased by four per cent, or 25 million people, between 2019 and 2021, after a decade of progress.

According to IEA chief, Mr Fatih Birol, speaking ahead of the release of the agency’s African Energy Outlook 2022.

He said before COVID, there had been “lots of good developments in countries such as Ghana, Kenya, Rwanda.

“But because of Covid and the economic difficulties, we see that this positive trend is reversing now,” Mr Birol said.

It was also revealed that Russia’s invasion of Ukraine has added to the economic strains on Africa from the COVID pandemic, as the conflict has sent the prices of energy, food and other commodities soaring.

“When I look at 2022, with the high energy prices and the economic burden on the African countries, I don’t see many reasons to be hopeful,” Mr Birol said.

But Africa could get universal access to electricity by the end of the decade with $25 billion in annual investment, according to the IEA.

Countries need to give international financial institutions, especially development banks, a “strong mandate” to make Africa and clean energy on the continent “an absolute priority”, Mr Birol said.

“It’s not the case now,” he added.

Africa is facing more severe effects from climate change than most other parts of the world, despite emitting less energy-related carbon dioxide (CO2) than any other region, the IEA said.

“We have to see a huge amount of investment coming in Africa in all parts of the energy system, but the most important one will be clean energy options,” Mr Birol added.

“We would need to double the energy investments to reach our energy and climate goals.”

Renewables — including solar, wind, hydropower and geothermal — could account for over 80 per cent of new power generation capacity in Africa by 2030, the IEA report said.

Share
Related Stories
Image
30-August-2023

Military Officers Oust Ali Bongo in Gabon Coup

By Adedapo Adesanya Gabon has become the latest African country to experience a military takeover as military officers appeared on television on Wednesday night, announcing they were putting an end to the current regime and cancelling an election that saw President Ali Bongo Ondimba win another extension to his rule. Mr Bongo’s whereabouts are unknown, according to reports as of press time. While announcing the cancellation of the vote results, one of the officers said “all the institutions of the republic” had been dissolved. The address was read by an officer flanked by a group of a dozen army colonels,

Image
24-August-2023

BRICS: Russia Promises Partnership With African Countries on Food, Fuel

By Adedapo Adesanya Russian President, Mr Vladimir Putin, told the BRICS summit participants in South Africa on Thursday that Moscow intends to deepen ties with African countries for food and fuel supply. Speaking in a video link address, Mr Putin said Russia was interested in developing “multi-faceted ties” with Africa, which has been roiled by fuel and food price rises resulting from the conflict in Ukraine. This is coming after the country exited the Black Sea grain deal in July. This move has seen grain prices soar, hitting many African countries very hard. Russia and Ukraine are among the world’s

Image
24-August-2023

South Africa: Putin Visits the Cape of Good Hope

By Kestér Kenn Klomegâh South Africa hosts the 15th BRICS summit in Johannesburg. Russian President Vladimir Putin is participating, not in person, but this time only online. Historically, he has, a number of times, paid official working visits to South Africa. During these past two decades, he has held high-level talks, at different times, with Thabo Mbeki, Jacob Zuma and Cyril Ramaphosa. Russia and South Africa have unlimited opportunities to develop mutually beneficial economic partnerships. For instance, in early September 2006, Vladimir Putin and Thabo Mbeki discussed the outlook for improving bilateral economic ties with representatives of the two countries’

More Stories
Image
08-November-2019

Investors Snub CBN’s OMO Auction Thursday

By Dipo Olowookere For the first time in a long period, the Open Market Operations (OMO) conducted by the Central Bank of Nigeria (CBN) suffered an undersubscription on Thursday despite anticipation. The apex bank had approached the market with its OMO bills worth N280 billion, but it eventually went home with N232.5 billion worth of the liquidity management instrument at the close of the exercise. Before yesterday, the OMO sale used to record oversubscriptions, but recent directives of the central bank barring local investors from the exercise have lowered the participation rate. Business Post reports that the bank offered the

Image
07-November-2020

Oando Stocks Fall Day After Fire Outbreak at Lagos Tank Farm

By Dipo Olowookere Shares of Oando Plc depreciated at the stock exchange on Friday, a day after a tank farm operated by one of its subsidiaries in Lagos was razed by fire. Business Post had reported on Thursday that the tank farm located in the Ijora Badia area of Lagos State and operated by OVH Energy, an arm of Oando, was gutted by fire. When the unfortunate incident happened, officials of the Lagos State Emergency Management Agency (LASEMA), the Federal Fire Service, the Lagos State Fire Service, the Nigerian Navy Fire, Nigerian Police and Forte Oil Fire Service rushed to

Image
09-March-2021

Linkage Assurance, Ardova Lift Stock Market by 0.17%

By Dipo Olowookere Trading activities on the floor of the Nigerian Stock Exchange (NSE) turned bullish on Monday as a result of gains posted by Linkage Assurance, Ardova and 23 other equities. Business Post reports that investor sentiment was positive yesterday as only 14 stocks closed on the losers’ chart. During the session, which recorded a 0.17 per cent growth, the shares of Linkage Assurance and Ardova rose by 10.00 per cent each to settle at 55 kobo and N14.85 respectively. Champion Breweries appreciated by 9.52 per cent to sell for N1.84, Oando gained 9.43 per cent to quote at

Image
06-April-2018

Focus Labs: Nigeria Ready to do Business—Osinbajo Assures Investors

By Dipo Olowookere Vice President, Professor Yemi Osinbajo, has informed both local and foreign investors that “Nigeria is ready to do business,” assuring them that they no longer have to worry about “additional burden of bureaucratic delays and problems of various kinds” that used to scare them away in the past. Mr Osinbajo made this assurance at the mid-lab syndication for the Economic Recovery and Growth Plan (ERGP) Focus Labs held at the Sheraton Hotels, Abuja, on Thursday, April 5, 2018. The Vice President, who described the lab as “very unique”, said he was “thoroughly impressed” with what he had

Image
16-November-2018

RCCG, Adeboye, Daddy Freeze & Problem with Christianity in Nigeria

By Nneka Okumazie Well, no, the problem with the success of Christianity in Nigeria. Churches everywhere are not supposed to be, in a country that isn’t doing so great – in summary of the anxiety of haters of Christianity in Nigeria. Critical thinking and questioning everything is often the excuse for this hate, but they’re often confused, delusional and unable to identify where to look. Nigeria has problems that are not true Churches everywhere. The smartest Nigerians are not throwing themselves to solve the problems of Nigeria in diverse ways. Rather – for some – their talent and resourcefulness are

Image
21-May-2022

B2B Platforms Facilitate Faster Distribution for FMCG Manufacturers

By Adedapo Adesanya Business-to-Business (B2B) e-Commerce platforms, such as Alerzo and Tradedepot facilitate faster product distribution for FMCG manufacturers like Unilever, Nestlé, Procter & Gamble, PZ Cussons, Reckitt Benckiser, Dangote, Golden Penny, Dufil and Flour Mills. No doubt digital technology is redefining manufacturing, distribution and retailing which in turn reflects on our day-to-day living. There have been and will continue to be shifts in the way several sectors of the economy operate as the rising emergence of Business-to-Customers (B2C) and B2B e-Commerce platforms in Nigeria typifies how digital technology is driving the marketplace. After the Industrial Revolution of the 18th

Image
11-March-2021

UBA Explains Real Reason for Lower Dividend Payout

By Dipo Olowookere That the dividend payout of United Bank for Africa (UBA) Plc for the 2020 fiscal year was cut is no longer news, but the rationale behind the decision will interest shareholders. A few days ago, the tier-one lender announced its financial performance last year and the key performance indicators recorded improvements, including the gross earnings and profits. However, the cash reward given to investor was lowered by over 50 per cent as the board recommended a dividend of 35 kobo, lower than the 80 kobo paid for the 2019 fiscal year. Many investors were not happy about

Image
20-September-2019

Nigeria to Reduce $1.2bn Spent on Fish Imports

By Adedapo Adesanya Nigeria is working towards reducing the sum of $1.2 billion spent on the importation of fish into Nigeria annually, according to Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. Mr Emefiele made this disclosure yesterday in Abuja during a parley with some state Governors and the media on the achievement of the agriculture sector so far in pushing Nigeria’s economic growth. According to the CBN chief, current fish production stands at 0.8 million tons, which doesn’t match the demand by Nigerians of 2.7 million tons, resulting in a deficit of 1.9 million tons. He

Ad
Ad
Recent Stories
Image
29-September-2023

FG, States, Local Councils Get N1.1tn As September Allocation

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

Image
29-September-2023

Erisco Product Reviewer Fights Back, Threatens 500m Suit

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

Image
29-September-2023

Scoring Success: How Data Analytics Revolutionizes Football Predictions Strategies

Data analytics is transforming football predictions as tools and techniques are consistently being designed to enhance accuracy and precision in football betting. In this article, we uncover the huge impact of data analytics in football betting. The Power of Data in Football Predictions In football betting, data analytics is used to collect, analyse, and interpret data to make informed predictions. This includes several metrics, such as player stats, team performance, head-to-head results, and external factors like injuries, fatigue, and weather conditions. Data analytics in football predictions is useful in the following ways:  Transforming Raw Data to Useful Piece of Information

Image
29-September-2023

Alleged Assault: Manchester United Recall Anthony to Squad

By Dipo Olowookere Brazilian winger, Anthony, is now eligible to make the Manchester United squad again, a statement from the football club has disclosed. A few weeks ago, the footballer was suspended by the English sports outfit over allegations of assault in his home country. His former girlfriend, Rosilene Silva, accused the footballer of assaulting her, prompting the police in Brazil to launch an investigation into the claims. The police in the United Kingdom also took an interest in the matter, forcing the Old Trafford team to ask Anthony to stay away from the team. In an update on Friday,

Image
29-September-2023

How to Find The Best Marine Insurance Provider For You

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

Image
29-September-2023

Abdullahi Atewe, Emmanuel Dairo to Relaunch Future Brand Idol

By Adedapo Adesanya After a two-year hiatus, the prestigious Future Brand Idol (FBI), an advertising contest, is making a return on a bigger scale following a new partnership with Forbes Black Member community member, Mr Emmanuel Dairo. The competition, which seeks to discover and breed young creative talents in Nigerian tertiary institutions, has created top talents who have gone to explore new grounds in their respective endeavours. Through this newly forged relationship, the founder of the contest, Mr Abdullahi Ahmed Atewe, and Mr Dairo will be seeking to expand the horizon of the challenge to offer more value. This will

Image
29-September-2023

Oyedele Clarifies Transfer of Funds for Tax Reform Committee

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

Image
29-September-2023

Lagos Shuts Down Alaba Market

By Bliss Okperan The Lagos State Waste Management Authority (LAWMA) has announced the immediate closure of the popular spare parts market, Ladipo Market, over an “unhygienic environment.” In a statement on Friday, the waste management agency said it shut down the market due to the unwholesome environmental practices by traders who refused to pay for waste services alongside the poor waste management. The Commissioner for Environment and Water Resources in Lagos, Mr Tokunbo Wahab, said the market would remain closed until the mandatory conditions of redress have been met by traders and market stakeholders. “It is imperative that markets in

Image
29-September-2023

Delisting: Capital Hotels Opens Escrow Account to Pay Off Minority Investors

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

Image
29-September-2023

VFD Group Quits NASD OTC Securities Exchange After Delisting

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the