Lack of reliable power supply poses a significant challenge to both private citizens and businesses, resulting in annual economic losses estimated at $26.2 billion, equivalent to two per cent of Gross Domestic Product (GDP), the Director-General of the Global Centre for Law, Business, and Economy, Dr. George Nwangwu, has said.
Nwangwu stated this at the maiden Africa Climate Forum 2023, held in Abuja on Tuesday, with the theme, “Powering the Future: Financing Energy Transition for Sustainable Progress,” organised by the Global Centre for Law, Business, and Economy.
“It is imperative for Africa, home to a large portion of the world’s impoverished population, to take energy-related issues seriously. If the energy transition in Africa is mishandled, it could pose an existential threat to the continent itself.”
“The lack of reliable power poses a significant challenge to both private citizens and businesses, resulting in annual economic losses estimated at $26.2 billion, equivalent to 2% of GDP”, the DG said.
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He further highlighted the numerous opportunities that energy transition offers to Africa, saying the program aims to address the challenges affecting energy transition across the continent through debate and collaborative solutions.
Chairman of the Senate Committee on Ecology and Climate Change, Senator Seriake Dickson said Africa’s transition to sustainable clean energy will demand huge investments.
“Transitioning to a sustainable energy future is not a simple endeavor. Although Africa boasts 40% of the world’s renewable energy sources, the available financial resources indicate that we have only attracted 2% of them”, the former governor of Bayelsa State said.
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