Nigerians spend N4.9 trillion annually to self generate 14 gigawatts (GW), as the country’s average 4 gigawatts (GW) electricity generation continues to be unable to meet the growing energy needs of its 189 million citizens.
According to a report released by Rocky Mountain Institute in collaboration with Nigerian Economic Summit Group, domestic and commercial consumers spend N13.4 million daily to power small scale petrol and diesel generating sets, due to insufficient power supply.
The epileptic power supply is the bane of the Nigerian economy causing great distress to households and businesses alike.
This huge amount could have been put to better and productive use in the economy, experts have said; businesses and companies could channel the money spent on fuelling generators into expanding their business or simply providing better services to their clients.
While in households, the money could have been used to service more needs or saved.
The electricity industry has been in crisis for decades with no apparent solution in sight. Privatization of the generating and distributing part of the electricity value chain was embarked upon in 2013, but 55 percent of Nigeria’s population still lacks access to electricity; a rate that has not improved over the last five years, the report also said.