Friday
June 7
2019

Nigeria’s Unreliable Electricity Costs Its Economy $29 Billion a Year—Solar Power Would Save Billions

By Samuel Ayokunle Olowosejeje

Lengthy power cuts are pretty much a daily experience in Nigeria. The country’s epileptic power supply has been identified by businesses as the second biggest obstacle to doing business in the country, after a lack of access to finance.

This unreliable power supply is a major hindrance to Nigeria’s economic growth. It also costs the country an enormous amount of money. Quoting Nigerian government data, the International Monetary Fund (IMF) says that a lack of access to reliable electricity costs Nigeria an estimated $29 billion a year.

The situation comes with environmental and health risks, too. Many individuals, households and organizations have resorted to fossil-fueled generators. Nigerians spend an estimated $14 billion a year on small-scale generators.

Photo courtesy of Leander Wattig.

Source: Quartz Africa (link opens in a new window)

Categories
Energy
Tags
emerging markets, energy access, energy poverty, energy sector, renewable energy, solar energy