As stated by UN Under-Secretary-General Kandeh Yumkella, the Special Representative of the UN Secretary-General and Chief Executive for the Sustainable Energy for All initiative, Africa is the most energy poor continent.
According to Yumkella, the energy generation capacity of 40 SSA countries combined is less than the capacity for the 20 million people in New York.
YumKella points out that without access to energy, Africa’s whole industrialization and transformation agenda is in jeopardy. Looking at Nigeria, Sierra Leone and many other African countries, for example, every factory or restaurant has a generator, which is already adding 20% to 30% to their cost of operation. As such, their factories cannot be internationally competitive.
We continue to follow the development of Africa’s energy sector as we see it as a major catalyst for SSA’s growth. We are hence pleased with the developments made so far and hope that increased interest in the sector will assist the companies under our coverage raise the necessary funding to expand their power generating and distribution capacities.