World Bank highlights regional gas strategy, investment opportunities in Africa
The World Bank has reaffirmed its commitment to supporting gas development and energy infrastructure across Africa, with a focus on regional collaboration, private sector investment and sustainable energy access.
Speaking on Monday in Abuja at the Decade of Gas Ministerial Roundtable and Workshop, the World Bank Country Director for Nigeria, Mathew Verghis outlined the institution’s regional strategy, priorities and opportunities for collaboration.
Verghis, represented by Justin Beleoken from the World Bank, provided an overview of the Bank’s structure and activities, emphasising 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.
According to him, 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.
He added that the Multilateral Investment Guarantee Agency helps reduce investment risks and mobilise private capital by providing guarantees for projects across various sectors.
He said 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 referenced ongoing support for major cross-border pipeline infrastructure, as well as emerging projects in countries such as Senegal, Mauritania, and Mozambique, alongside reform-focused initiatives in regions like Asia and North Africa.
He emphasised that the World Bank’s experience across these projects positions it to foster stronger partnerships and support African countries in leveraging gas resources for sustainable development.
