The unreliable power supply in Nigeria is causing huge economic losses, estimated at N10.1tn, yearly, the World Bank has said.
The World Bank, in a new report, noted that transition from a publicly-owned to largely privately-owned power market, which began in 2013, did not bring the expected outcomes.
It said a credible reform process would require an integrated approach of resolving regulatory and policy failures, and establishing a credible and fiscally sustainable financing plan by the Federal Government to ensure full funding for tariff shortfalls, among other measures. “The sector recovery efforts focused on ensuring regulatory and policy predictability providing incentives for efficiency in operations while enforcing payment discipline across the supply chain are critical for maintaining the ‘lights on’ through continued generation of electricity.”
“The annual economic losses caused by Nigeria’s unreliable power supply have been estimated at N10.1tn or about two per cent of GDP,” the World Bank said. The bank said, “Ensuring access to reliable electricity supply is important for poverty alleviation. With 47 per cent of the population lacking access to grid electricity, Nigeria has the largest access deficit in sub-Saharan Africa and the second-largest in the world, after India.
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