Nearly 600 million Africans still live without access to electricity. This staggering figure symbolizes both the potential and the energy challenges of the continent. To remedy this, the African Energy Chamber, in partnership with Afreximbank, aims to usher in a new era: one where Africa produces, processes, and consumes its own energy.
On a continent rich in resources—oil, gas, sun, wind—the paradox remains glaring: Africa exports its raw energy but imports a large portion of its refined products. This dependency is costly: according to the African Development Bank, the energy infrastructure deficit causes several countries to lose 2% to 4% of their GDP annually. It is this observation that drives the push for a local transformation strategy.
What we are doing is addressing an infrastructure deficit. Currently, we need to invest nearly $17 billion in repairing our refineries, like those in Cameroon, Nigeria, or even Angola. We are fixing our refineries.
Modernizing refineries, building new pipelines, developing power grids—these are all projects to reduce imports, create jobs, and strengthen Africa’s energy security. Afreximbank, the African Export-Import Bank, is positioning itself as a key partner. It aims to mobilize $17 to $25 billion over ten years to finance strategic energy projects and strengthen production and distribution infrastructure.
When we repair our refineries, we create more opportunities by fixing them. We stop importing expensive products from abroad; we use domestic production. The cost of energy decreases, industries have more money to invest, and then the government gets massive revenue from taxes, and this is what prepares us for a just transition.
For the African Energy Chamber, energy must now come from Africa itself: produced by Africans, for Africans. The numbers are telling: by 2030, electricity demand on the continent is expected to double, driven by a young and urban population. With adequate investments, over 200 million Africans could benefit from reliable, clean, and affordable electricity over the next decade.