FG gives nod to G7’s “Energy for Growth in Africa” Initiative

The Nigerian Government has agreed to benefit and be part of the Group of 7 (G7) “Energy for Growth in Africa” initiative investments in clean energy projects across African countries. 

The joint statement with other African and European countries was published on the website of the Italian Government, the current holder of the G7 Presidency in 2024, on Friday. 

It was previously reported that leaders of the G7 countries(United States, Italy, Canada, France and others) held a meeting with Italian and United States private sector representatives resulting in a $420-million-dollar investment commitment towards African countries. 

According to the statement, the representatives of Canada, the Republic of Congo, Côte d’Ivoire, Ethiopia, France, Germany, Italy, Japan, Kenya, Mozambique, Nigeria, South Africa, the United Kingdom, the United States of America, and the European Union, recognized that universal access to affordable clean energy is a key factor for sustainable, resilient and inclusive economic growth and social development, as proclaimed by the 2030 Agenda for Sustainable Development and the African Union’s Agenda 2063.  

They noted that Africa’s significant but largely untapped clean energy potential needs massive investments, assuring of working to accelerate investments in clean massive Investments. 

A key tool they are banking on is the G7 ‘Energy for Growth in Africa’ initiative which will be launched at a later date.

”We will work to accelerate investments in clean energy sources to ensure an inclusive transition which supports energy security, recognizing that a substantial proportion of people in Africa still lack reliable access to electricity and clean cooking. 

“To meet these objectives and the global efforts decided upon at the 5th session of the Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA5), we look forward to the launch of the G7’s ‘Energy for Growth in Africa’ initiative and to contributing to its success.  

“The initiative will help develop bankable clean energy projects, attract private capital through the catalytic use of public finance and technical assistance, encourage the flow of concessional finance, and overcome barriers to investments in clean energy.” 

The initiative will find expression through G7 partnership with the United Nations Development Program the International Energy Agency and the African Development Bank, headed by Akinwumi Adesina.

The move for clean energy would require up to $4 billion dollars according to a proposal made by the Paris-based, International Energy Agency (IEA), in May 2024. 

As seen in the joint statement at the G7 summit, IEA is a key partner in the said energy initiative. 

Based on a statement published on the IEA website, its current executive director Fatih Birol, highlighted the issue of clean cooking access in Africa. 

Birol stated that a clean energy project would require about 4 billion dollars, annually. 

“The situation has dire impacts on health, gender equality and the environment, with women and children bearing the worst consequences.  

“Dr Birol highlighted that the stoves and infrastructure needed to solve this problem would require just $ 4 billion a year between now and 2030.” 

In Africa, Nigeria stands tall in Foreign Direct Investment(FDI) as a number of the G7 Countries are the countries’ biggest trade partners. 

Olaitan Ibrahim

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