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JulIn the first two months of this year, Nigeria lost an estimated N53.26 billion as international oil corporations and local players flared a total of 33.04 billion standard cubic feet of natural gas. According to data received from the Nigerian National Petroleum Corporation, oil companies lost 17.53 billion scf of gas in February, compared to 15.51 billion scf in February. The 33.04 billion scf flared corresponds to an estimated loss of $129.85 million or N53.26 billion (using the official exchange rate of N410.13/dollar) at a price of $3.93 per 1,000 scf as of Wednesday. According to the NNPC’s latest monthly […]
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JunDespite the Federal Government’s efforts to enhance the country’s power supply, a recent World Bank assessment found that Nigeria’s economy still loses between N7 trillion and N10 trillion each year due to erratic power supply. According to the report, the overall figure amounts to 5-7 percent of the country’s GDP. The World Bank released the study on June 16 as part of the Power Sector Recovery Program to highlight the new Nigeria Development Update (NDU). The World Bank noted in a report titled “Resilience through Reforms” that enterprises and wealthy households rely heavily on generators due to inconsistent and insufficient[…]
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AprAccording to the World Bank, companies in Nigeria lose $29 billion annually as a result of a “unreliable” electricity source, with customers unable to pay their bills as a result of the crisis. At the ‘World Bank Dialogue on Fostering Knowledge-Sharing and Dialogue on Power Sector Issues in Nigeria,’ top bank officials said this. The majority of Nigerians are hesitant to pay for electricity because bills are not “transparent and clear,” according to the World Bank’s Power Sector Recovery Programme (PSRP) fact sheet, presented by Ashish Khanna, practice manager, West and Central Africa Energy. “Unreliable electricity costs Nigerian businesses about[…]