The World Bank has encouraged private sector investors to play an important role in achieving its great “Mission 300” initiative.

This initiative aims to connect 300 million people in Sub-Saharan Africa - which includes Nigeria, to electricity by 2030.

It is a collaborative effort with the African Development Bank to solve Sub-Sahara's energy access gap, where nearly 600 million people do not have access to electricity.

The World Bank stated in its report tagged “Mission 300 is Powering Africa” that it has committed to connecting 250 million people, while the AfDB will provide electricity access to an additional 50 million.

The global lender will implement large-scale projects such as the Nigeria Distributed Access through Renewable Energy Scale-up.

“The private sector is central to filling funding gaps. Estimates vary, but electrifying Africa will require a lot more financing than what development banks alone can supply, making massive private investment crucial to meet Mission 300 objectives.

"Businesses must step in and scale up investments in transmission, distribution, and cross-border energy trade,” parts of the report read.

Philanthropic organizations are also stepping in to support the mission.

Partners such as The Rockefeller Foundation, the Global Energy Alliance for People and Planet, and the United Nations’ Sustainable Energy for All initiative are mobilizing additional public and private financing to complement resources provided by the World Bank and AfDB.