Nigerians spend about 14billion on generators and fuel yearly to provide alternative power and further stimulate growth, the Director in charge of Nigeria, African Development Bank (AfDB), Ebrima Faal, has said.
Speaking at a stakeholders’ forum in Abuja, Faal said the issue had a negative impact on the power sector.
Also, AfDB has approved $210 million for the transmission project to improve the supply of electricity in the country, he added., on phone at the weekend, the Director-General, Lagos Chamber of Commerce and Industry , Mr Muda Yusuf, said AfDB is right, considering that private and public sector operators spend a lot of money to provide diesel-powered generators to grow the economy.
Nigeria, Yusuf said, still depends on imports, stressing that the country is paying a huge price for structural defects, now that the international price of crude oil has fallen.
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