Report shows that Nigeria loses $100b to daily power outage

Reports from World Bank have shown that Nigeria
has lost a whopping sum of about $100b in just one
year to daily blackout. It stated that daily power
outage has cost the country many investors who
have become very reluctant in investing in Nigeria’s
economy. This was equally proven by the latest
World Bank’s ‘’Doing Business’’ report which places
Nigeria at 189th position among thriving economic
countries of the world.
Although Nigeria is Africa’s largest oil producing
country, it is still bedevilled by power generation
bottlenecks as generated outputs hover around
5,000 megawatts which is about just a one-third of
national demands.
Previous administrations had tried to rescue the
power sector. Part of the solutions was the
allocation of huge budgets and later, unbundling of
the sector to achieve efficiency but all had just a
little effect on salvaging the sector.
President Buhari has decried the low state of power
generation in the country and has therefore,
spurred a vehement revitalization of the sector to
meet both national and international demands.
However, the sector is yet to totally deal with
challenges of gas shortages, pipeline vandalism,
inadequate funding, corruption and unprofitable
pricing which makes fixing of power cuts a difficult
feat to attain.