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African Billionaires Join Together To Launch African Energy Group

Mr. Tony O. Elumelu, CON speaking at the 2015 World Economic Forum, in Davos, Switzerland

Mr. Tony O. Elumelu, CON speaking at the 2015 World Economic Forum, in Davos, Switzerland

Speaking at a high profile panel on energy at the 2015 annual meeting for the World Economic Forum in Davos, Switzerland, Nigerian billionaire and philanthropist Tony Elumelu emphasized the key priority for 2015 for Africa as “policy, policy, policy.”

Elumelu is among the group launching the African Energy Leaders Group (AELG), a multi-stakeholder advocacy group that aims to address Africa’s power deficiency—the continent has approximately 620 million people without electricity.

Elumelu said, “Investors in this space are rational. The risks are huge; the capital requirements are equally huge. If you want to invest in this space, you have to first survey the environment beyond economics; policy, stability, enforceability of rules, the nature of the regulatory framework. If the right policies are in place, investors and financiers will be encouraged to invest.”

AELG will bring the continent’s leaders together in an effort to build public-private partnerships, leverage political support and mobilize funds for sustainable energy and development. Created by a working group of African leaders including billionaires Elumelu, Aliko Dangote; Donald Kaberuka, President of the African Development Bank; Prime Minister Daniel Duncan of Ivory Coast; and President John Mahama of Ghana, AELG’s mission takes the form of three pillars—driving universal access, driving efficiency and driving renewables.

“Currently, every single African country is experiencing energy shortages and power outages. This costs the continent 2 percent of its GDP,” said Kaberuka. “We are a continent of miracles; if we are growing at 5 percent without enough electricity, think of what the continent could do with enough electricity.”

Kaberuka also added that the African Development Bank does $5 billion of infrastructure per year; half of that investment is ear-marked for energy, in both the private and public sectors.,

Elumelu, the leading voice highlighting the African private sector agenda at WEF, was the third most tweeted person at Davos after Bill Gates and Kenneth Roth (Executive Director, Human Rights Watch).

Read More at Forbes

What people are saying

18 thoughts on “African Billionaires Join Together To Launch African Energy Group

  1. NÜK says:

    This is grand news! #Unbalanced


  2. Amazing information and neews.

  3. Dalee Hustle says:

    Africa will lead the World, as we did to seed the world population.

  4. Steve But says:

    Our success,industrially,politically and educationally, is based upon the protection of a nation founded by ourselves , and that nation can be nowhere else but in Africa …..Marcus Garvey

  5. Steve But says:

    We might not all live to see a militarily powerful, an economically strong and politically stable Africa, but we can all work towards realizing that dream within the next generation….Murcus Garvey

  6. Brian Smith says:

    Yes yes!!! This is what our culture needs to be feeling on! Business and ownership!! Not damn empire!! #FRUSTRATED!!

  7. Long as it is African owned with African money it's all good

  8. Larry Watson says:

    Africa will only thrive if it takes steps to enshrined the rights of individual liberty, private property, and political mobility. Dictatorships that nationalize industry, violate human rights, and rule in opposition to popular sentiment never have resulted in prosperity and liberty. And without those two things, Africans will ALWAYS be at war with God and slaves of the Devil.

  9. Obi C Agor says:

    “Currently, every single African country is experiencing energy shortages and power outages. This costs the continent 2 percent of its GDP,”… No [email protected]&t! Why have these impressively wealthy individuals not spoken or acted openly until now and what have they been afraid of? Surely, any goat can see the gold mine opportunity of hyper earnings attainable if one controls an arm of the energy sector? Just look at Russia. The task is daunting, but doable…hey, it's only money!

  10. I'm so elated with joy that mother Africa would reclaim her glory.

  11. Wise step that should have been taken several years ago. Wondering, though, why Africans or blacks wishing to help the African continent overcome energy problems chose to address that at WEF rather than AU meeting on energy.

  12. Thanks. It takes the collective will of a determined people to achieve a goal. Let's move!

  13. Terry Mayers says:

    Alternative motives …..but we see the full agenda

  14. niccaz in the U.S will never have the unity for something like this.

  15. Black people must move now

  16. The first word under the photo is…."speaking"……and a sure sign that black people are not going to do anything is that we "talk" about it, hold press conferences and tell everyone what we plan to do before we do it.

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