July 13, 2024

AfDB lauds Japan for supporting African energy sector


Samuel Agbelusi

President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has commended the Japanese Government for its support towards African development in areas on Energy and Power infrastructure projects.


Adesina made the remarks in a video message during while participating the Eighth Tokyo International Conference on African Development (TICAD8), on Thursday.


The AfDB President in his statement commended the Japan government and Human Resources Development Grant, established by the bank and the government of Japan.


Adesina named vital investment sectors including the production of lithium batteries that power electric vehicles, agribusiness and renewable energy, including from hydropower, wind and geothermal sources.


He further revealed that African has the largest deposit of Litium  that can be used for power generation and a good investment for the Japanese government



He pledged to ensure that the Japanese government investment in energy will turn in good deeds as African are blessed with enormous energy resources.


During a forum for the business community, Adesina named two spheres where he hoped to see increased Japanese engagement with Africa, namely bilateral trade and investment. He said that Africa accounted for just 0.003% of Japan’s $2 trillion in global foreign direct investment.


“The investment will serve as a continental co-financing facility to help African countries build innovation-led and knowledge-based economies and support the energy transition of each country goal to net-zero emissions.”