How Nigeria lost $100 Billion in a year to poor power supply

Kerosene_Lanp_ir15290Fresh reports from World Bank have shown that Nigeria has lost a whopping sum of about $100 billion in just one year to daily blackout.

It stated that daily power outage has cost the country many investors who have become very reluctant in investing in Nigeria’s economy.

This was equally proven by the latest World Bank’s ‘’Doing Business’’ report which places Nigeria at 189th position among thriving economic countries of the world.

Although Nigeria is Africa’s largest oil producing country, it is still bedevilled by power generation bottlenecks as generated outputs hover around 5,000 megawatts which is about just a one-third of national demands.

Previous administrations had tried to rescue the power sector. Part of the solutions was the allocation of huge budgets and later, unbundling of the sector to achieve efficiency but all had just a little effect on salvaging the sector.

President Buhari has decried the low state of power generation in the country and has therefore, spurred a vehement revitalization of the sector to meet both national and international demands.
However, the sector is yet to totally deal with challenges of gas shortages, pipeline vandalism, inadequate funding, corruption and unprofitable pricing which makes fixing of power cuts a difficult feat to attain.

However with the improvement of power supply in most parts of Nigeria, the future of the Nigerian economy is bright.-Nigerianeye

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