Power outages cost Nigeria an estimated $26 billion annually.
This is according to the most recent Africa Trade Barometer survey, which stated that off-grid generator purchases are not included in the price.
The report by Standard Bank in a Channels TV report said,
According to the report, companies spend over $22 billion a year on off-grid fuel to lessen the effects of power outages. This raises operating expenses even further.
The report reads,
It found that one of the biggest obstacles to company operations in Nigeria and throughout Africa is the availability of energy.
The report comes amid the incessant national grid collapse in recent weeks. Just this month, there was a blackout in many parts of the country after the grid collapsed thrice in seven days.
According to the National Electricity Regulatory Commission (NERC), the development was due to an explosion of a transformer in one of the transmission stations.
The House of Representatives announced that it would look into the ongoing national grid failure.
TimesNow.com.ng reported that the Nigerian Electricity Regulatory Commission (NERC) has again reminded Nigerians to update their meters before the deadline of November 2024.
The Commission released the message through its official X account on Tuesday, August 8, 2024, urging electricity consumers to take action before the deadline.
The commission warned that after the deadline, consumers who fail to upgrade may not be able to recharge their electricity.
Source: TimesNow.com.ng
