Rockefeller’s Rajiv speaks to M300 project in Africa

The Rockefeller Foundation is actively working on the Mission 300 initiative in collaboration with the World Bank and African Development Bank to provide electricity to 300 million Africans, with a focus on Nigeria. In a recent interview with CNBC Africa, Rajiv Shah, President of the Rockefeller Foundation, shared insights from his visit to Nigeria in June where he engaged with government officials and energy stakeholders. Shah emphasized that improving energy access in Nigeria is crucial as the country heavily relies on diesel generators, leading to high energy costs and hindering economic growth. The foundation is working on a project to replace diesel generators with renewable energy sources like solar power in order to make energy more affordable and stimulate economic development. The project aims to reach up to 100 million people in Nigeria and is set to scale up in the coming years. During his visit, Shah also highlighted the importance of mini-grids in providing electricity to remote areas. He mentioned visiting an interconnected mini-grid in Toto, which collaborates with local distribution companies to ensure sustainability. Shah stressed the need for regulatory reforms that enable mini-grid operators to connect with the main grid and charge customers efficiently. Shah pointed out that interconnected mini-grids and renewable energy sources are essential for commercial success and driving economic growth for small businesses in Nigeria. When discussing financing for Nigeria's energy transition, Shah underscored the significance of significant public investment to scale up energy solutions. The World Bank and African Development Bank, in collaboration with the Nigerian government, are allocating up to $30 billion in public finance to reach 300 million people. Shah emphasized the need for this public funding to attract private capital and create partnerships with local financial institutions. He mentioned engaging with Nigerian pension funds and banks to promote investments in mini-grids and solar distribution companies. Shah shared success stories of individuals such as Esther and Daniel, who transformed their businesses and improved livelihoods by switching from diesel to solar power. Shah also touched upon the energy challenges facing Sub-Saharan Africa and expressed his concerns about the region's slow progress in meeting energy targets. He highlighted the creation of the Global Energy Alliance for People and Planet, a collaborative effort involving more than 50 partners to accelerate energy access initiatives in the region. Shah noted that private capital outflows from Sub-Saharan Africa pose a challenge, necessitating stronger partnerships between public and private sectors to drive sustainable energy solutions. He emphasized the urgency of addressing the energy crisis in Sub-Saharan Africa to stimulate inclusive growth and combat rising unemployment rates. In conclusion, Rajiv Shah's insights shed light on the importance of sustainable energy solutions in Africa and the need for concerted efforts to achieve the Mission 300 goal. By fostering partnerships, leveraging public and private investments, and implementing regulatory reforms, the Rockefeller Foundation aims to pave the way for a brighter and more electrified future for millions of Africans.