LIBERIAN GOVERNMENT SUBMITS 1.5 BILLION ENERGY INVESTMENT TARGET AT AFRICA ENERGY SUMMIT IN DAR ES SALAAM, TANZANIA

By Sylvester Choloplay

January 29, 2025

RIA-Margibi:  Liberia President Joseph Boakai has reaffirmed Liberia’s commitment to energy transformation after participating in the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

At the summit, Liberia submitted its National Energy Compact, a strategic blueprint to expand energy access and secure U.S 1.5 billion in financing to electrify 75 percent of the country’s population by 2030.

Upon his arrival at Roberts International Airport on Wednesday, January 29, 2025, President Boakai told journalists that International Financial Institutions, including the World Bank, the African Development Bank (AfDB), and others have pledged their commitment to supporting Liberia’s energy transition. “The World Bank, the African Development Bank, and other key partners are committed to supporting Liberia in this transformative journey. This investment will significantly expand our electricity infrastructure, provide power to our communities, and lay the foundation for industrialization and economic expansion”, President Boakai noted.

The National Energy Compact sets clear targets for Liberia’s energy expansion, including the connection of 100,000 households annually compared with the current rate of 70,000 households per year, as mentioned in National Energy Compact project. The plan prioritizes renewable energy solutions such as solar, hydro, and mini-grid systems, to ensure sustainable and affordable electricity.

Currently, only 32.7 percent of Liberians have access to electricity, one of the lowest rates in Africa, as mentioned in Liberia National Energy Compact project. But this initiative seeks to reverse that by strengthening the Liberia Electricity Corporation (LEC), attracting private-sector investment, and integrating Liberia into regional power networks. President Boakai’s signing of about $ 1.5 billion energy agreement at the summit marks one of the largest investments in Liberia’s energy sector. “We cannot develop as a nation without energy.

This compact is a game-changer for Liberia. It will drive industrial growth, create jobs, improve service delivery, and most importantly, give our people the dignity of living in a modern economy”, he said. The Mission 300 Africa Energy Summit convened African leaders, investors, and global stakeholders to explore strategies for closing the continent’s energy gap. The next phase will involve mobilizing the pledged funds, implementing large-scale electrification projects, and ensuring that the benefits of this investment reach every corner of the country.

The Mission 300 Africa Energy Summit brought together 12 African countries to submit their National Energy Compacts, each aiming to address energy constraints and set ambitious electrification targets. The participating nations include Liberia, Chad, Côte d’Ivoire, Democratic Republic of Congo, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia. The summit’s goals are focused on expanding energy infrastructure at competitive costs, promoting renewable energy solutions, and fostering greater private-sector participation to unlock additional resources.