By: CNBC Africa

At the Angola Oil and Gas Conference, Ibitola Ukabam, Vice President of Energy Resources at the Africa Finance Corporation (AFC), positioned energy as the cornerstone of Africa's industrialization. She argued that a dual strategy leveraging both existing resources and renewables is essential for economic prosperity.

Gas as a Foundation for Development

Ukabam asserted that robust energy infrastructure is the key to driving Africa's industrialization. She identified gas as a critical avenue for delivering affordable and sustainable energy to power economic development across the continent.

A Balanced and Integrated Approach

A major focus was on balancing traditional and sustainable energy projects. Ukabam was unequivocal, stating, "They are not divergent. We have a responsibility to drive both." This dual approach is central to AFC's strategy, which involves heavy investment in renewable projects like solar, wind, and hydro while utilizing existing oil and gas resources to support current economic needs.

Growth Sectors and Future Demands

Ukabam highlighted significant growth opportunities beyond energy, including transport, power, manufacturing, fertilizers, and refining. She emphasized that meeting future industrialization goals would require vastly more energy than is consumed today.

She envisions a future where developed African industries are robust enough to sustainably incorporate green energy. However, achieving this requires using available, affordable energy now to establish and grow these industries first.

The AFC's insights underscore the need for a dual focus: satisfying immediate industrialization needs with available resources while simultaneously building the foundation for a renewable energy future.