Investing in Africa’s Future

The energy plenary moderated by Mr. Sola Adepetun, Senior Partner, ACAS-Law featured H.E. Augusto de Sousa Fernando, Deputy Minister of Mineral Resources & Energy, Republic of Mozambique, Ms. Andrea Waldman Lockwood, Acting Assistant Secretary for International Affairs, U.S. Department of Energy, Mr. Jay Ireland, President and CEO, GE Africa, Mr. Samuel Dossou-Aworet, Founding Chairman, Petrolin Group and Mr. Walter Kansteiner, Senior Director, Africa, International Government Relations, Exxon Mobil Corporation.Moderator Sola Adepetun of ACAS-Law began the discussion by stating that, “Africa needs power, and it needs it very quickly.” Governments have a critical role in shaping the investment climate and opening up energy opportunities and it is imperative that they create a favorable enabling environment that will attract private investment. Andrea Lockwood of the U.S. Department of Energy showcased how the U.S. government has worked to promote energy investments in Africa - from the passage of the Electrify Africa and Power Africa acts, to the transfer of technology and energy development research. H.E Augusto de Sousa Fernando discussed how his country Mozambique has worked to create a favorable investment environment by passing strategic legislation and streamlining the customer service process for foreign investors."To promote effective energy investment, African governments and businesses must work with partners who understand the opportunities and challenges of doing business in marginalized areas," stated Samuel Dossou-Aworet of Petrolin Group. With energy operations in 15 African countries, Dossou-Aworet explained that collaboration and building relationships of mutual respect have been crucial to his company's success. Partnerships may take many forms, but governments, companies, and local citizens all have a role to play in ensuring project success, explained Walter Kansteiner or ExxonMobil. He emphasized the need for companies to build up both the natural resource and human resource base in the countries where they invest.When asked by the moderator what they believed to be the single most prohibitive barrier to energy investments in Africa, panelists outlined difficulties with technology, financing, skills-development, transparency, investor confidence, and forming good partnerships. Jay Ireland of GE Africa explained, when it comes to generating power in Africa, there are many challenges, but there are also opportunities to be found in new sources of fuel. Tackling these challenges will help fulfill the needs of citizens and companies across the African continent.