As a continent, Africa has made a lot of progress since the turn of the century. Indeed stakeholders in big corporations around the world have recognized the growing potential of Africa, with its vast youthful population as not just a market for products, but as next inventors and innovators of the world.
Across the globe, cities are growing by about 2% per year. The situation is entirely different in Africa; with cities growing at much higher rates; approximated to be about 8% per year. Though much of this growth is attributed by rural population moving into urban regions. This rapid urbanization happens much faster than the rate governments can put up social amenities and infrastructures. Electricity supply being one of them.
However, despite all these progress, the continent is being held back to lack of access to reliable and affordable electric power supply. It is estimated that about 640 million people, that’s two-thirds of Africa’s population, have no access to electricity.
The African Development Bank (AfDB) estimates that the continent’s power outages lead to about 4% loss on GDP growth per year. It has now become apparent that …read more