Africa50, gas-producing partners embark on major projects to unlock Africa’s s industrial potential
DAR ES SALAAM: AFRICA50 has unveiled a major investment initiative to accelerate Africa’s industrialisation by expanding the use of natural gas as a reliable source of energy for industries across the continent.
The announcement was made by the President of the African Development Bank (AfDB) and Chairman of Africa50, Dr Sidi Ould Tah, during the official opening of the Africa50 Annual Shareholders Meeting, which was inaugurated by President Samia Suluhu Hassan in Dar es Salaam.
Dr Tah said Africa’s ambition to build a strong industrial economy depends on access to reliable and large-scale energy, describing natural gas as a key pillar for driving industrial transformation. He noted that the position is also supported by the International Energy Agency.
He revealed that Africa50, in collaboration with African gas-producing countries and strategic partners, is preparing to launch a major investment platform for gas infrastructure aimed at unlocking the continent’s industrial potential.
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According to him, the initiative is expected to increase the utilisation of Africa’s vast natural gas resources, expand reliable gas-fired electricity generation and accelerate the growth of the manufacturing sector.
Dr Tah said Africa50 remains committed to working closely with governments, public institutions and the private sector within and outside Africa to ensure the continent’s gas resources are harnessed to create greater economic value and drive industrial development.
Reflecting on Africa50’s first decade, he said the institution has demonstrated that African-led organisations can successfully attract significant private sector investment into infrastructure projects.
“The next decade will focus on accelerating investments, mobilising African capital, attracting global investors and developing infrastructure that will unlock a new era of economic growth across Africa,” he said.
