World Bank Reaffirms Readiness to Support Africa’s Energy Industry

The World Bank has echoed again its commitment to support gas development and energy infrastructure across Africa, with a focus on regional collaboration, private sector investment and sustainable energy access.

The global financial institution’s country director for Nigeria, Mathew Verghis, made this known on Monday in the capital Abuja during a roundtable discussion, where the lead outlined the institution’s regional strategy, priorities and opportunities for collaboration.

The country lead, represented by Justin Beleoken from the World Bank, detailed an overview of the Bank’s structure and activities, stating that its role extended beyond financing. He explained that the World Bank Group operates through five key institutions, collectively supporting governments and the private sector.

In his words, the Bank primarily supports public sector investments, infrastructure development, and policy reforms through its financing arms.

He said that the International Finance Corporation played a critical role in supporting private sector development, including financing developers and driving investment, adding that the Multilateral Investment Guarantee Agency helps reduce investment risks and mobilise private capital by providing guarantees for projects across various sectors.

He explained that although the World Bank’s engagement in the gas sector had evolved over time, the institution had maintained a long-standing commitment to supporting gas-to-power initiatives, which remained central to its energy strategy.

The World Bank’s approach, he said, was anchored on five key pillars, including expanding access to affordable and renewable electricity, and implementing large-scale initiatives such as the Mission 300 programme. The Mission 300 programme, according to him, is aimed at delivering electricity connections to 300 million people in Sub-Saharan Africa.

Other priorities include driving economic growth and job creation, promoting regional integration through cross-border energy solutions, and mobilising private sector investment.

Highlighting its track record, he disclosed that the World Bank had supported several energy and gas projects across different regions.

“In Nigeria, the Bank is involved in electricity and gas improvement programmes, while in Ghana it supports offshore gas supply and domestic power generation projects,” he said.

He also spoke extensively about the ongoing support for major cross-border pipeline infrastructure, including emerging projects in other African countries like Senegal, Mauritania, and Mozambique, alongside reform-focused initiatives in regions like Asia and North Africa.