… Obasanjo, Okonjo-Iwealla, Minister of Power others to speak
All is set for massive investment and transformation of the power sector in Africa following the FIN International Trade & Investment Forum on September 23, 2022 with the theme: Power for Africa organized by Foreign Investment Network (FIN).
The event will hold on the margins of United National General Assembly which is largest gathering of world leaders where policy makers, captains of industries and the business community converge and interact on global challenges and also sign investment pacts.
“Power Africa”, an initiative of former American presidential, Barack Obama was launched in Tanzania, in July 2013. The initiative was to support economic growth and development in Africa by increasing access to reliable, affordable, and sustainable power.
Former President Olusegun Obasanjo, Minister of Power Abubakar Aliyu, Director General of World Trade Organization (WTO) Prof. Ngozi Okonjo-Iwealla, His Excellency Emmerson Dambudzo Mnangagwa, President of Zimbabwe and other African leaders at expected speak at forum to be attended by about 200 participants from 30 countries, 10 Expert Speakers where 16 group projects and 4 Panel Discussions will take place.
The President of African Development Bank (AfDB) Dr. Akinwumi Adesina while speaking during the last AfDB’s African Economic Outlook 2022 at the Bank’s Annual Meetings in Accra disclosed that Africa needs an annual investment of $32 billion to $40 billion along the energy value chain to achieve universal access for electricity by 2030. He said that the continent’s large economies like Egypt, Nigeria and South Africa accounted for about 33 per cent of the gap.
He said that current financing commitments fall far short, with major gaps in countries such as Chad, Ethiopia and Nigeria. Countries like Democratic Republic of Congo and Ethiopia, where 95 percent of the population lacks access to clean cooking, receive less than 1 percent of the annual investment.
According to a statement signed on Wednesday by the Chairman of Foreign Investment Network (FIN) Olayinka Fayomi and Dr. Alex Itkin who is the also the President of FIN, “This event will serve as a launching pad for the international business community to explore investment opportunities in Africa. It will stimulate wider investment exchange between countries/organizations towards a prosperous Africa and also serve as a platform for states to build partnerships, foster business relationships and attract quality investors and project financiers in the power and renewable energy sector.
“The meeting will also interrogate the role of Artificial Intelligence in the power eco-system. AI techniques have become popular for solving different problems in power systems like control, planning, scheduling, forecast, generation, management and distribution of power. It is believed that AI can untie the difficulties experienced in large power management systems with even more interconnections installed to meet increasing load demand”.
“Our aim is to create a strategic platform for investment in the power and renewable energy sector which will serve as a boost to African nations, regions and states to greater economic growth and development. The outcome will catalyze economic growth and development by increasing access to reliable, affordable, and sustainable power in Africa”.
The event will come to a close with a FIN Power Award Dinner where outstanding Power companies, Friendly government, Fintech companies, Policy Makers, Corporate Organizations, Start-ups, Renewable energy solution providers and Corporations with outstanding Corporate Social Responsibilities will be presented with a Certificate of Honour.
Some of the expected dignitaries are: His Excellency Faure Gnassingbé President of Togo; His Excellency Hakainde Hichilema President of Zambia; His Excellency Felix Tshisekedi President Democratic Republic of Congo; His Excellency Abdel Fattah El-Sisi President of Egypt; His Excellency Nana Addo Dankwa Akufo-Addo, President of Ghana; His Excellency Emmerson Dambudzo Mnangagwa, President of Zimbabwe; Her Excellency Sahle-Work
Zewde, President of Ethiopia, His Excellency Andry Rajoelina President of Madagascar and His Excellency Lazarus Chakwera President Republic of Malawi.
Other dignitaries include: Mohammed Dewji, CEO and President MeTLf Group; Prakash Hinduja, Chairman Europe Hinduja; Professor Benedict Okey Oramah President and Chairman of board of Directors- Africa Export Import Bank (AfreximBank); Senator Margaret Chuba Okadigbo Chairman NNPC Ltd; Mele Kyari Group Chief Executive Officer, NNPC Ltd; Mike Jocktane Gabonese Protestant pastor and politician; Mohammad Abuhilal. CEO Sun Synergy Group and many others.
