Nigeria has lost about $100 billion in a year to the daily blackouts, a World Bank report has indicated.
The country, which is Africa’s biggest oil producer, is still experiencing power generation bottlenecks, which previous governments had spent huge funds on, in efforts to provide electricity to Nigerians.
Electricity has continued to threaten Nigeria’s role as a destination for investors, as confirmed by the latest “World Bank’s “Doing Business Report’, which places Nigeria in 189th position.
The government is, however, working to end the huge amounts lost to daily blackout.
President Muhammadu Buhari, nonetheless, described it as a national shame that the nation would still be having electricity challenges.
In the last two years, generated output has hovered around 5,000 megawatts, which is about one-third of peak demand.
Two years after the partial sale of state power companies to private investors, gas shortages, pipeline vandalism, inadequate funding, unprofitable prices and corruption, made fixing the power cuts very difficult.