World Bank Pledges To Connect 300 Million Africans To Power; Backs Nigeria’s ‘Decade Of Gas’ As A Catalyst For Regional Energy Security

World Bank Director Mathew Verghis highlights the Mission 300 program and supports Nigeria's gas infrastructure development at the 2026 Abuja roundtable.

By: AXL Media

Published: Mar 31, 2026, 3:25 AM EDT

Source: The information in this article was sourced from Peoples Gazette

Mission 300: A Global Push for Energy Access

In a significant policy address at the "Decade of Gas" Ministerial Roundtable in Abuja, World Bank Country Director for Nigeria, Mathew Verghis, outlined a massive regional initiative known as "Mission 300." Launched in collaboration with the African Development Bank, the program is designed to deliver reliable electricity connections to 300 million people across Sub-Saharan Africa by 2030. Verghis noted that while renewable energy is a priority, the Bank views gas-to-power projects as essential transition tools for driving economic growth and industrialization in countries like Nigeria, Ghana, and Mozambique.

Bridging Nigeria’s $22 Billion Infrastructure Gap

The "Decade of Gas" Secretariat revealed that Nigeria has identified 16 priority pipeline projects requiring approximately $22 billion in investment to reach its goal of 12 billion cubic feet per day (bcfd) of gas production by 2030. Verghis stressed that the World Bank Group’s role extends beyond simple financing; it utilizes arms like the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to de-risk private sector investments. By providing sovereign guarantees, the Bank aims to mobilize the massive capital needed for cross-border infrastructure, including the African Atlantic Gas Pipeline and the Trans-Sahara Gas Pipeline.

Addressing the Power Sector’s Liquidity Crisis

A critical component of the regional strategy is resolving the chronic revenue shortfalls within the Nigerian Electricity Supply Industry (NESI). The Federal Government recently achieved a milestone in this area by issuing a N501.02 billion bond—the first of its kind—to settle legacy debts owed to power generation companies (GenCos). This bond is part of a broader N4 trillion Presidential Power Sector Debt Reduction Programme. Industry experts believe this liquidity injection will allow GenCos to pay gas suppliers and maintain aging equipment, directly supporting the World Bank’s vision of a stable, gas-powered grid.