African entrepreneurs and leaders set up initiative to address energy deficits

African entrepreneurs and leaders including (Tony Elumelu, Aliko Dangote, Donald Kaberuka – the President of the African Development Bank and John Mahama – the President of Ghana) have launched the African Energy Leaders Group (AELG) – a multi-stakeholder advocacy group that aims to address Africa’s power deficiency. At present Africa has has approximately 620 million people without electricity.

The 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.

The initiative was set up by the leaders while meeting at the World Economic Forum (WEF).

According to Elumelu, the capital requirements investors in the power sector are huge, the risks are huge, however, with the right policies are in place, investors and financiers will be encouraged to invest.

At a time when new leadership in Africa is required to address increasingly complex and interlinked global problems; a new set of African leaders are stepping up to contribute towards Africa’s solutions. The complex, volatile, interconnected nature of the world’s economies and societies, means that Africa can be both the source and the solution to many of these issues.

Read more: Forbes