28

Jun

Nigeria’s Epileptic Power Supply Costs The Country N10 Trillion Each Year, According To The World Bank

Despite 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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23

Apr

According To The World Bank, Inadequate Energy Costs Businesses $29 Billion A Year

According 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[…]

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