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BUSINESS & ECONOMYPOWER & ENERGY

This Is How Much Nigeria Loses Yearly From Lack Of Electricity

The African Development Bank (AfDB) has said with about 620 million people are without electricity in African countries including Nigeria, a situation that has led to the loss of between $30 and $40 billion as costs on a yearly basis.

The bank, which disclosed this in its Financial Presentation and Operational Analysis for 2015 at its just-concluded 50th Annual Meetings, also said a total of $126 million had been offered as special relief for humanitarian causes including assistance to Chibok Girls School in Nigeria, emergency assistance to control Ebola in DRC, Emergency aid to control the plague in Madagascar and assistance to the victims of drought in Somalia.

The presentation, jointly made by the AfDB Vice President, Finance, Charles Boamah, and Officer-in-Charge, Treasury Department of the bank, Hassatou N’sele, noted that the bank was making interventions in some of the African countries with a view to improving power sector regulatory environment  as well as expand access to electricity for the local population, particularly rural dwellers.

Essentially, AfDB said, $1.9 billion energy projects were approved in 2014 with the commitment to providing reliable and affordable energy supply.

According to the bank, “half of Africa’s infrastructure needs are in electric power. Majority of countries are facing regular power outages at an economic cost of one per cent to two per cent of GDP per annum.”

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BWN
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