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Report: Nigeria loses $29.3 billion due to inadequatepower supply

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The Nigerian economy is currently losing $29.3B yearly due to inadequate power supply. That's according to a government report. It's found that capacity utilisation among companies is very low. About 40 % of production costs go towards generating electricity. Average power supply for March was less than 3,000MW, while Nigeria requires 160,000MW. The government's Power Sector Recovery Programme is aimed at reviewing macroeconomic policy and providing suggestions on how to correct the situation. The plan aims to put measures in place that would guarantee a minimum 4,000MW of average daily energy. Around 272 manufacturing firms shut down their operations in Nigeria last year due to power challenges.


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