The World Bank Group has committed $8.2bn to expand electricity access across Sub-Saharan Africa as part of a broader push to tackle one of the region’s most persistent development challenges, with nearly 600 million people still living without power.
The funding forms the backbone of “Mission 300”, a joint initiative with the African Development Bank Group aimed at connecting 300 million people to electricity by 2030.
Under the plan, the World Bank targets 250m connections, while the African Development Bank is expected to deliver the remaining 50m.
According to the report by Punch newspaper on Wednesday, the initiative is backed by a combination of public and private sector financing, which has already mobilised an additional $1.2bn, with projects advancing across more than 40 countries and over 150 programmes underway.
The report added that the World Bank stated on its website that despite recent progress, access to electricity remains a major constraint on economic growth across the region.
It noted that without reliable power, hospitals struggle to function, agricultural productivity is limited, and businesses face high operating costs, undermining job creation and industrial development.
The World Bank explained that the programme is designed not only to expand access but also to drive broader economic transformation, linking electricity supply to job creation, digital connectivity, and industrial growth.
“Electricity is the bedrock of jobs, opportunity, and economic growth,” President of the World Bank Ajay Banga stated. “That’s why Mission 300 is more than a target; it is forging enduring reforms that slash costs, strengthen utilities, and draw in private investment.”
At the core of the initiative are National Energy Compacts, country-led reform frameworks intended to unlock investment, improve utility performance, and align policy with long-term energy goals. The programme also seeks to scale private sector participation through competitive procurement, regional power trade, and de-risking mechanisms.
According to the report, the effort comes as development finance institutions intensify collaboration to address Africa’s energy deficit, widely seen as a critical barrier to inclusive growth as access to electricity is expected to support small and medium-sized enterprises, agro-processing, manufacturing, and digital services, sectors seen as key to job creation across the continent.
“Reliable, affordable power is the fastest multiplier for small and medium enterprises, agro-processing, digital work, and industrial value-addition,” said African Development Bank Group President Sidi Tah. “Give a young entrepreneur power, and you’ve given them a pay cheque.”
GIK/APA