African energy stakeholders are rallying for accelerated foreign direct investment (FDI) in the continent’s energy sector, emphasising the importance of diversified power development that includes fossil fuels. In a panel discussion held in London on Wednesday, representatives from firms and financial institutions called for a collaborative approach to sustainable resource development in Africa, urging the global community to contribute capital, technology, and expertise.
Olakunle Williams, CEO of Tetracore Group, stressed the need for international collaboration, urging stakeholders to share knowledge and experiences from the Global North to support power projects in the Global South.
Addressing this call for increased investment and engagement, the upcoming Invest in African Energy (IAE) forum, scheduled for May 14-15, 2024, in Paris, aims to unite energy investors, suppliers, and developers. The forum will highlight investment opportunities across Africa’s power value chain, emphasising private sector participation in viable projects across the continent.
The panel emphasised the significance of fossil fuel development in Africa’s energy transition, particularly the role of natural gas in facilitating industrialization while reducing carbon emissions. Oladimeji Edwards, CEO of Hyde Energy, emphasised the importance of building a solid manufacturing base to support renewable energy initiatives.
Highlighting the role of financial institutions, the panel praised the African Export-Import Bank for its efforts in making finance more accessible for large-scale power and infrastructure projects in Africa. The bank prioritises projects that promote regional integration and intra-African trade, including the funding of regional transmission lines and the establishment of Special Economic Zones to encourage local manufacturing.
Kudakwashe Matereke, Regional COO, East Africa, of Afreximbank, emphasised the importance of African nations determining their development paths, stressing the need for collaborative efforts to harness the continent’s energy resources.
