By Joy Omagha Idam
Calls for increased investment, innovative financing mechanisms and stronger political commitment to renewable energy dominated discussions at the ongoing ECOWAS Parliamentary Committee meeting in Dakar, as policymakers warned that millions of rural residents across West Africa could remain without electricity unless urgent action is taken.
The debate, which focused on financing renewable energy and expanding electricity access in underserved communities, brought together lawmakers, development finance experts and energy stakeholders from across the sub-region.
Presenting a paper titled “Innovative High-Impact Financing Models for Renewable Energy: What Strategic Choices Should Be Made in Response to the Energy Crisis? — Case Study: Senegal,” Director-General of Senegal’s National Agency for Renewable Energy (ANER), Prof. Diouma Kobor, stressed the need for ECOWAS countries to adopt more ambitious and coordinated financing approaches.
According to Kobor, the region’s growing electricity demand, heavy dependence on imported fossil fuels, unstable power supply and limited access to energy have created a complex crisis requiring new investment strategies.
He noted that Senegal is on course to generate about 28 per cent of its electricity from renewable sources by 2025 and plans to increase the figure to 40 per cent by 2030, supported by €2.5 billion secured under the country’s Just Energy Transition Partnership (JETP).
To accelerate progress, Kobor advocated blended financing models that combine grants, concessional funding, commercial loans and private-sector investments. He said such arrangements would reduce investment risks while making electricity more affordable.
The renewable energy expert also called for stronger regional integration through the ECOWAS and West African Power Pool frameworks, proposing the creation of a regional guarantee mechanism and an energy infrastructure fund to support renewable energy projects across member states.
He further recommended the development of “Smart Energy Corridors” that would link energy infrastructure with transportation and agriculture, positioning West Africa as a leader in Africa’s clean energy transition.
Speaking on the challenges of financing renewable energy in rural communities, Maimouna Sidibe of the ECOWAS Bank for Investment and Development (EBID) revealed that renewable energy currently represents only four per cent of the bank’s overall energy portfolio.
She explained that the bank had traditionally focused on financing large-scale grid infrastructure and regional interconnection projects, leaving many smaller renewable energy initiatives without adequate support.
Sidibe identified weak project preparation, poor bankability, limited guarantees, regulatory challenges and the small scale of many rural energy projects as major obstacles discouraging investment.
“The challenge is not the lack of opportunities but ensuring that projects are financeable and attractive to investors,” she stated.
She disclosed that under its 2026–2030 strategic framework, EBID plans to increase support for solar mini-grids, off-grid solutions, hybrid energy systems, small hydropower projects and productive-use energy initiatives capable of stimulating economic growth in rural areas.
According to her, blended finance mechanisms and the ECOWAS Renewable Energy and Energy Efficiency Facility (EREEEF), for which EBID serves as trustee, are expected to mobilise greater private-sector participation and expand electricity access to underserved communities.
Adding a strong political voice to the discussion, Chairman of the ECOWAS Parliament Committee on Agriculture, Senator Ali Ndume, challenged governments across the region to demonstrate greater commitment to rural development through renewable energy investments.
Drawing from figures presented during the session, the Nigerian lawmaker observed that a solar photovoltaic project costing approximately $7.6 million to serve 50 communities translates to less than $1 million per community.
“For less than one million dollars, you can modernise a rural community and completely change the lives of the people living there,” Ndume said.
He argued that rural electrification would not only provide access to power but also boost agricultural production, improve security, create jobs and reduce rural-to-urban migration.
“Once communities have access to development, people will have fewer reasons to leave. Renewable energy can drive agriculture, improve security and stimulate local economies,” he added.
Ndume therefore proposed that ECOWAS member states dedicate at least five per cent of their annual national budgets to rural development and renewable energy initiatives.
According to him, such investments would produce visible economic and social benefits within a relatively short period.
While acknowledging the limited legislative powers of the ECOWAS Parliament, the senator urged lawmakers to continue advocating stronger financial commitments from governments.
“We may not have teeth, but we can bite,” he remarked, pledging to champion similar initiatives in Nigeria.
Also contributing to the discussions, Vice Chairman of the ECOWAS Parliament Committee on Infrastructure and member of Nigeria’s House of Representatives, Hon. Ahmed Munir, emphasised the importance of linking renewable energy investments with industrialisation and local manufacturing.
He argued that climate finance should not only fund energy projects but also help build local industries through partnerships between international investors and indigenous companies.
Munir further advocated harmonised regional standards and stronger coordination among ECOWAS member states to prevent fragmented approaches that weaken the bloc’s negotiating position.
He noted that since much of the available climate financing originates from international partners, West African countries must negotiate strategically to ensure such funds contribute to local value addition, job creation and sustainable economic development.
The meeting concluded with a consensus that despite the region’s vast renewable energy potential, financing gaps, investment risks and weak institutional frameworks continue to slow efforts to deliver affordable electricity to millions of people, particularly those living in rural communities.
Participants agreed that deeper regional cooperation, innovative financing solutions and stronger political will remain critical to achieving universal energy access and accelerating economic transformation across West Africa.
