Nigerian businesses spend about N5 trillion ($14 billion) over poor electricity supply, African Development Bank (AfDB) Group Energy Sector Specialist Dozie Okpalaobieri has said. He said the cost incurred due to irregular supply of electricity was enormous, adding that about 80 million Nigerians lacked access to electricity.

He said more than one billion people live in darkness globally, with 80 per cent in sub-Saharan Africa and Asia, adding that a larger percentage of these people are found in rural areas. According to him, the world requires $40 billion to ensure that people have access to electricity by 2030, adding that the off-grid method of electricity is the only option for the African Continent to meet the energy needs of its people.

Speaking on the sidelines of an energy forum in Lagos, Okpalaobieri said Nigeria was the biggest destination for solar and other methods of off-grid electricity in Africa, stressing that the country has a population of about 180 million, coupled with the fact that the country has the largest Gross Domestic Product (GDP), estimated to be around $405 billion annually.

Source: The Nation