General News
Major African Power Projects Key Focus Of London Summit
Africa’s power deficit is a major constraint on economic growth and social development; The Global African Investment Summit (‘TGAIS’) in London will bring together African governments and the international finance community to tackle this critical issue.
With government delegations presenting bankable investment projects to global investors, TGAIS will help secure funding needed to transform Africa’s economies from some of the world’s largest financial institutions and investment funds.
Excluding South Africa, per capita consumption of electricity in sub-Saharan Africa is 10 KWh (kilowatt hours) per month, in high income countries this figure is almost 1000 KWh.
In some countries in Africa, backup generators supply up to half total generation capacity, explaining, in part, why electricity is more expensive on the continent than anywhere else in the world; up to three times as much as those in the United States or Europe.
This is a social disaster, reducing Africa’s ability to create jobs or industrialise its economies. At a basic livelihoods level, there are 600 million people on the continent with no regular access to power, relying solely on charcoal, wood and biomass for cooking.
To achieve the target of universal access to electricity in Africa by 2030, the International Energy Agency states that sub-Saharan Africa will need more than $300 billion in investment.
For international investors, this demand is well recognised, but identifying specific projects that have the right legal, regulatory and political support and will bring returns on investment is not straightforward.
All these aspects are critical for financiers to see a project as investable.
TGAIS is working with African governments to bring those bankable projects to the international market.
Organised by Chief Olusegun Obasanjo, former Nigerian President and led by the Presidents of Rwanda, Uganda, Ghana, Tanzania and Togo, TGAIS will present major power projects from across the continent including green-field gas, solar and wind plants as well as national distribution networks and privatisation opportunities.
One such project is the Grand Inga Dam, a project that – if realised – will revolutionise the supply of power to Africa by providing as much as 40,000 megawatts to southern Africa.
The electricity will be far cheaper than current supply and, critically, comes from a renewable source. The energy produced by just this one dam could power homes and businesses in the Democratic Republic of Congo, South Africa and possible other countries in the region.
The dam already has World Bank support through technical assistance funds to help make the project bankable for investors.
Claver Gatete, Rwandan minister of Finance and Economic Planning was keen to highlight the significance of being able to meet international investors at TGAIS, “It’s great that our government gets to go to events like The Global African Investment Summit in London to profile investment opportunities in Rwanda. What we want investors to know is that we need their investment and that we provide the right incentives and have created one of the best business environments that can be found anywhere in the world.”
Amama Mbabazi, Ugandan Prime Minister highlighted the significance of finding the right investors for his country; “we have a number of important projects that will help the Ugandan economy grow substantially. Finding the best investors for those projects is crucial to knowing that they will be undertaken in a way that creates shared value and promotes long-term sustainability.”
TGAIS also receives strong support from the UK’s government, with Minister for Africa Mark Simmonds hosting a gala reception at the Foreign and Commonwealth Office for all participants.
Senior African government delegates will also be invited to Buckingham Palace for a VIP luncheon on the opening day.
The inaugural Global African Investment Summit, run in partnership with four African state houses, is the only platform that brings together the public and private sectors to discuss specific transactions, access to finance, and bankable projects in Sub Saharan Africa requiring investment and technology transfer.
African Presidents will travel to the event with Finance ministers, sector specific ministers and CEOs from state owned enterprises to address and hear from the global financial markets, project implementers, consultants and law firms about co-financing and executing their most pressing projects in agribusiness, natural resources, power, and transport infrastructure.
Gov. Hope Uzodimma of Imo has commended the National Agency for Science and Engineering Infrastructure (NASENI) for expanding access to technology-driven skills with the inauguration of a Skills Acquisition Centre in Owerri.
L-R: Chairman, Senate Committee on NASENI, Senator Ezenwa Onyewuchi; First Lady of Imo State, Barr. Chioma Uzodimma; Governor of Imo State, Senator Hope Uzodimma; EVC/CEO of NASENI, Mr. Khalil Suleiman Halilu and other dignitaries during the commissioning of the NASENI Skills Acquisition Centre in Owerri North LGA, Imo State yesterday.
The governor described the initiative as a strategic investment in youth empowerment, entrepreneurship and economic development.
The centre, established under the NASENI Sustainable Empowerment Programme (NSEP) in partnership with the Senator representing Imo East Senatorial District, Sen. Ezenwa Onyewuchi, is designed to equip young Nigerians with practical and industry-relevant skills.
Speaking at the inauguration, Uzodimma said technology remained central to Nigeria’s economic growth and lauded NASENI for supporting President Bola Tinubu’s Renewed Hope Agenda through initiatives that empower citizens.
He said the project would provide young people with practical skills needed to build sustainable livelihoods.
“This is not about giving people fish; it is about teaching them how to fish,” the governor said.
Uzodimma urged that beneficiaries of the programme be supported with start-up capital to enable them establish businesses and create employment opportunities for others.
He also commended NASENI for its continued developmental interventions in Imo and called on the host community and relevant stakeholders to protect the facility.
Responding, the Executive Vice Chairman and Chief Executive Officer of NASENI, Mr Khalil Suleiman Halilu, described the centre as another demonstration of the agency’s commitment to developing the human capital required to drive Nigeria’s industrialisation.
According to Halilu, the centre reflects NASENI’s conviction that industrial development begins with investing in people and equipping them with practical skills.
“The commissioning of this centre is not merely the opening of another facility. It is the opening of opportunities for young Nigerians to acquire practical skills that solve real problems, create businesses and generate employment.
“At NASENI, we believe our greatest investment is in the talent of our people,” he said.
Halilu said the centre would offer training in high-demand areas, including solar installation and maintenance, graphic design and printing, phone repair, fisheries and aquaculture, as well as other vocational and technology-based disciplines.
He explained that the project aligned with NASENI’s strategic focus on creation, collaboration and commercialisation, aimed at strengthening innovation, expanding local capacity and reducing dependence on imported technologies.
The NASENI boss commended Onyewuchi for partnering with the agency to deliver the project.
Onyewuchi said the centre was established to address youth unemployment through skills acquisition and entrepreneurship.
He disclosed that beneficiaries would receive support to establish small businesses after completing their training, enabling them to become employers of labour.
The lawmaker said the initiative would contribute to economic growth by empowering young Nigerians with skills relevant to today’s economy.
The commissioning of the centre, according to NASENI, reinforces the agency’s commitment to equipping Nigerians with practical skills, fostering innovation and building the workforce required for Nigeria’s industrial and economic development.
Federal government has launched Credit for Laptops, Internet, Connectivity and Knowledge Digital Devices (C.L.I.C.K.D.), a new consumer credit initiative, to provide affordable financing for locally assembled laptops and other digital devices.
L-R: Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, and Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, at the launch
The initiative by the Nigerian Consumer Credit Corporation (CREDICORP) and the Federal Ministry of Communications, Innovation and Digital Economy, is aimed at equipping Nigerians with the tools needed to participate in the country’s growing digital economy.
During the launch, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, described access to credit as critical to improving productivity and driving economic growth.
Dr Tijani said no nation could achieve sustainable development without a strong credit system that enables individuals and businesses to access resources needed to become more productive.
He noted that in today’s digital age, technology has become indispensable for education, innovation and wealth creation.
The minister explained that many talented young Nigerians possess the skills required to succeed in the digital economy but remain constrained by their inability to own computers and other digital tools.
Drawing from his personal experience, Dr Tijani recalled how his first laptop as a student in the university opened doors to international opportunities and eventually inspired him to establish one of Nigeria’s pioneering technology hubs.
He said the new programme would ensure that more young Nigerians are not denied similar opportunities because of financial barriers.
According to him, the initiative aligns with President Bola Tinubu’s vision of building a one-trillion-dollar economy by expanding access to technology, boosting productivity and supporting local manufacturing.
Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, described the programme as a strategic investment in Nigeria’s future workforce and digital transformation.
Mr Nwagba said that while improvements in internet connectivity and digital skills training have positioned Nigeria for the Fourth Industrial Revolution, access to devices remains a major challenge preventing many young people from fully participating in the digital economy.
He explained that C.L.I.C.K.D. would bridge that gap by providing affordable consumer credit that enables beneficiaries to acquire laptops and other internet-enabled devices while they develop in-demand digital skills
Federal Government has announced the disbursement of about N333 billion to eight electricity generation companies (GenCos) as part of measures to resolve outstanding debts in the power sector.
The government also disclosed the issuance of a second bond valued at N729 billion to settle verified legacy obligations and improve liquidity within the Nigerian Electricity Supply Industry (NESI).
The disclosures were made on Tuesday at an investors’ forum organised by the Nigerian Bulk Electricity Trading (NBET) Plc in Abuja.
Government representatives said the latest bond issuance marked the completion of the initial phase of the Presidential Power Sector Debt Reduction Programme, which was designed to address verified liabilities and attract private sector investment across the electricity value chain.
The Special Adviser to the President on Energy, Mrs Olu Verheijen, said the implementation of the first series of the programme demonstrated the administration’s commitment to meeting its financial obligations and improving investor confidence.
Verheijen disclosed that the Federal Government in February 2026 allocated about N501 billion under the first tranche of the programme, comprising N300 billion in cash and N201 billion in non-cash bond instruments to offset verified debts owed to power producers.
She said N333 billion had so far been disbursed to eight participating GenCos operating 17 power plants.
According to her, the government also paid the first coupon of about N63.5 billion on the seven-year bond in full on July 14, 2026.
She explained that the payments had enabled generation companies to meet critical obligations to gas suppliers, lenders and operations and maintenance contractors, thereby improving their operational capacity.
“Markets do not reward promises; they reward performance. Capital follows credibility,” Verheijen said.
She added that the second bond series would further strengthen liquidity in the electricity market and create a more stable financial environment capable of attracting long-term private investment.
The Presidential Power Sector Debt Reduction Programme is part of broader Federal Government efforts to address challenges affecting electricity generation, distribution and investment in Nigeria’s power sector.
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