Amid the challenges facing Nigeria’s power sector, an industrial expert says the country loses an estimated $26.2 billion to a lack of reliable energy supply.
The Director General of the Global Centre for Law, Business and Economy, Dr George Nwangwu, disclosed this on Tuesday at the maiden Africa Climate Forum 2023 in Abuja.
He stated that the loss is an equivalent of 2 per cent of the country’s Gross Domestic Product.
Speaking on “Powering the Future: Financing Energy Transition for Sustainable Progress,” Nwangwu urged the African continent, especially Nigeria, to take energy-related issues seriously.
He stated that the energy transition in Africa has been mishandled and could pose an existential threat to the continent.
“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.
DAILY POST 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