An industrial expert claims that despite Nigeria’s power sector’s difficulties, the nation loses an estimated $26.2 billion annually due to unstable energy supplies.
At the inaugural Africa Climate Forum 2023 in Abuja on Tuesday, Dr. George Nwangwu, director general of the Global Centre for Law, Business, and Economy, revealed this.
He claimed that the loss is equal to 2% of the nation’s GDP.
Speaking on “Powering the Future: Financing Energy Transition for Sustainable Progress,” Nwangwu urged Nigeria and the rest of the African continent to tackle energy-related concerns seriously.
According to him, Africa’s energy transition has been handled poorly and could endanger the continent’s existence.
“It is imperative for Africa, home to many of the world’s impoverished population, to take energy-related issues seriously. If the energy transition in Africa is mishandled, it could pose an existential threat to the continent.
“The lack of reliable power poses a significant challenge to private citizens and businesses, resulting in annual economic losses estimated at $26.2 billion, equivalent to 2% of GDP”, he stated.
Platinum Times reports that in Nigeria, with an estimated population of over 200 million, 92 million people lack access to electricity, according to the Energy Progress Report 2022 released by Tracking SDG 7 in June 2023.