Nigeria loses about N40tn annually to poor electricity supply, the Nigerian Independent System Operator, an agency of the Federal Government, has said, warning that unreliable power remains one of the biggest constraints to economic growth, industrial productivity, and job creation in the country.
The system operator noted that persistent outages continue to impose high costs on businesses and households, many of which are forced to generate their own electricity.
According to the organisation, reliable electricity remains one of Nigeria’s most important economic priorities, stressing that power outages cost Nigeria up to $29bn annually.
Converted at the prevailing exchange rate of N1,385 to a dollar, this translates to roughly N40.1tn in yearly losses to the economy. The operator added that the burden extends across all sectors, stating that businesses, manufacturers, and households spend billions each year generating their own electricity.