The dearth of sufficient energy costs Nigeria and African countries more than $110 billion yearly, the Executive Director, Sahara Group, Mr Kola Adesina, has said.
Calling on various stakeholders to promote energy access in Africa, he also urged the World Trade Organisation, WTO, to galvanise the interest and support of various stakeholders to promote equitable global trade relations and energy access in Africa where almost 600 million live without electricity.
Adesina, who spoke on Redirecting the World Trade Organisation at the virtual 2021 Horasis Global Meeting, said deploying multilateral engagements would help circumvent the status quo that has made global trade relations “somewhat lopsided.”
Horasis is one of the foremost annual meetings of the world’s leading decision-makers from business, government, and civil society.
Speaking on access to power in Africa, Adesina said the WTO should explore collaborating with the various stakeholders to accelerate the pace of technology needed to make alternative power cheaper and more accessible to the consumers.
Africa is home to 17 per cent of the world’s population, but accounts for just 4 per cent of global power supply investment. On a per capita basis, power supply investment in Africa ranks among the lowest in the world and lack of energy costs the continent over $110 billion annually.
“The Environmental Impact Analysis of conventional power sources should be the focal point of conversations with African presidents as well as key political and business leaders to ensure their support and agree to a collective and sustainable solution template.”
“The WTO must ensure that multilateralism guides its decision making. The countries of the world are not all on the same pedestal, there should be consideration for the poor countries.
“The WTO should create a system where countries come together to create a united front to handle the issues the world is facing,” he said.
