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.