African Development Bank (AfDB) President Akinwunmi Adesina has revealed that Nigeria has the highest number of people living without electricity in the world.
Mr. Adesina disclosed this at the 90th birthday celebrations of former Head of State, General Yakubu Gowon.
He disclosed that about 86 million Nigerians lack access to electricity, positioning the country as a world leader in this regard.
Mr. Adesina further stressed that the lack of reliable power supply is having a huge impact on businesses and industries across the country.
“The IMF estimates that Nigeria loses about $29 billion annually, or 5.6% of GDP, due to lack of reliable electricity supply.The report also states that Nigeria loses about $14 billion annually on generators and fuel. It also shows that you are spending money.
“Lack of electricity has devastated industries in Nigeria.Currently, no business in Nigeria can survive without generators.As a result, the abnormal has become normal.
“Nigeria is rich in gas and crude oil, but 86 million people live without electricity every day.Nigeria is now the world’s largest country in terms of total number of people without electricity,” Adesina said. spoke.
Plan to power the continent
Mr. Adesina also said that AfDB is making significant investments in Nigeria’s power sector and, by extension, Africa as a whole.
He said the bank, in partnership with the World Bank, aims to reach 300 million electricity connections by the end of 2030 through strong financing and investment.
He said the AfDB has invested more than $200 million in the national power grid to strengthen it against continuing disruptions.
“To support the implementation of Nigeria’s power sector recovery program, the Bank is providing $200 million to the Nigeria Electrification Project, which aims to close Nigeria’s electricity access gap.
“We have invested $210 million in electricity transmission projects in Nigeria to strengthen grid evacuation and regional interconnectivity.
“The World Bank President and I decided in April that our banks would connect 300 million Africans, including Nigeria, to electricity by 2030. This is what we call Mission 300. “It is the largest in the world,” he added. .
What you need to know
Nairametrics previously reported that Nigeria and other African countries are set to be beneficiaries of a $90 billion power fund supported by the World Bank and African Development Bank.
The fund is part of the global financial institution’s plan to provide electricity to Africa’s 300 million people by 2023. The initiative, part of the Mission 300 program, aims to evaluate and support projects and help them secure funding if they meet the criteria. Being an integral part of Mission 300, Nigeria will also be a major beneficiary of the project through the Nigeria Decentralized Access to Renewable Energy (DARES Project). According to the World Bank, the project will benefit more than 17.5 million people, 20% of Nigeria’s current population, while replacing more than 250,000 polluting and expensive diesel generators. Follow us for the latest news and market information.
