[OPINION BY CLEMENT CHISOM JOHN] Nigeria’s energy deficit: Preparing for petrol subsidy removal | TheCable
According to the World Data Lab 2022, of the total 216.7 million Nigerians, 32 percent live in extreme poverty. More than half of the extremely poor Nigerian, precisely 53 percent of the extremely poor live in rural areas where the deprivation of access to basic social infrastructure such as access to reliable electricity in communities, public institutions schools, hospitals, agro-processing, etc is at its highest.
However, connection to the electricity network does not imply actual access to the electricity supply in a reliable way. The 57 percent of Nigerians connected to the national electricity grid are largely met with poor unreliable electricity supply. This shortcoming is because the current grid generation capacity is about 4,500 megawatts .Whereas total demand stands at around 35,000 to 40,000 megawatts.
The Manufacturers Association of Nigeria claimed that 40 percent of the cost of conducting business in Nigeria is related to power generation expenses. These costs are doubling up fast as the fuel pump prices of independent retailers of petrol across the country have adjusted their pump prices to between N185 and over N300 per litre.
However, the purchase of solar power systems and other renewable energy appliances for Nigerian customers is capital-intensive for both individual customers and businesses. The increasing affordability of renewable energy will mean the provision of access to energy financing for citizens. According to the Central Bank of Nigeria , the financial inclusion rate in Nigeria has grown up to 64 percent. CBN targets and predicts this figure to increase to 95 percent by 2024.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria’s 70,000 midwives deficit dangerous– UNFPATo close the midwives shortage gap in Nigeria by 2030, about 70,000 more midwives are needed, the United Nations Population Fund has said.
Read more »
Fuel Subsidy: CISLAC Queries $800m World Bank LoanThe Civil Society Legislative Advocacy Centre, (CISLAC,) has queried the federal government over the World Bank’s $800 million loan to the country, saying
Read more »
Fuel subsidy: CSO queries $800m World Bank loanThe Civil Society Legislative Advocacy Centre has queried the $800m World Bank loan taken by the Federal Government as a palliative to cushion the effect of the proposed fuel subsidy removal, scheduled for June 2023.
Read more »
Motorists Groan In Lagos-Ibadan Gridlock Over Fallen TankerMotorists and commuters were yesterday stuck in the gridlock for several hours as a petrol laden tanker blocked the ever busy Lagos-Ibadan Expressway and
Read more »
MTNN Records N100.49bn Net Profit In Q1MTN Nigeria Communications Plc (MTN Nigeria) recorded N100.491 billion profit after tax(PAT) in its unaudited results for the first quarter (Q1) ended March
Read more »
ACF kicks against Akpabio as Senate PresidentMr Saidu, the leader of the Arewa Community in Southern Nigeria, said endorsing Mr Akpabio for the Senate Presidency would spell doom for Northern Nigeria.
Read more »