Nigerians Spend $12 billion on Fueling Generators Yearly – Report

Must Read

FG to shut Third Mainland Bridge on July 24 for 6 months

The Federal Government is set to shut the Third Mainland Bridge for six months starting from Friday, July 24. This...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

Here is the list of Providus Bank Branches in Lagos

A little over two years after it was granted a commercial banking license with regional authorization by the Central...

A report by Bloomberg has said business owners and individuals in Nigeria spend about $12 billion fueling generators every year as the citizens run on nine hours of power per day.

Quoting a survey by NOI Polls, the report said households with access to on-grid electricity had an average power supply of only 9.2 hours a day in the first half of 2019.

It said in Nigeria, almost everyone, including President Muhammadu Buhari, depends on generators.

“To keep out the darkness, households own and operate an estimated 22 million small gasoline generators, whose combined generating capacity is eight times higher than on-grid supply, according to a June 2019 presentation by Dalberg, a global policy and advisory firm,” the report read.

- Advertisement -

“Businesses and individuals spend about $12 billion a year, twice the country’s annual infrastructure budget, fueling these generators.

“Nigeria is only able to send about a quarter of its total power capacity to homes and businesses due to a poor and dilapidated power infrastructure, much of it installed in the 1980s.

“The country’s transmission lines can ‘theoretically’ carry about 7,500 megawatts, according to the country’s electricity regulatory authority.”

Citing data published by the Central Bank of Nigeria (CBN), Bloomberg said Nigerians consumed an average 3,713 megawatts of electricity from the grid in 2018.

Read Also:  BAP Productions takes Fela Kuti Musical to South Africa
- Advertisement -

The report said one Kabir Sabo, an Abuja-based tailor, spends an average of N3,000 a day on his generator.

“That’s the bulk of the roughly 4,000 Naira he makes daily,” it read.

Bloomberg quoted Sabo as saying: “When you are a small business owner in a country where there is no power, it really is depressing. I have on multiple occasions shut down to take up a monthly paying job.

It’s difficult to run the business when most of your earnings go on paying bills, buying fuel and all sorts of things.”
The report said Sabo’s work is being affected by the “long blackouts”.

- Advertisement -

“I am willing to pay more if it means I will not have to rely on the generator to run my business,” the tailor reportedly said.

LEGIT

- Advertisement -
Nigerians Spend  billion on Fueling Generators Yearly – ReportNigerians Spend  billion on Fueling Generators Yearly – Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigerians Spend  billion on Fueling Generators Yearly – ReportNigerians Spend  billion on Fueling Generators Yearly – Report

Latest News

H1 2020 Review and Outlook plus Investment Strategy for H2 2020

Executive Summary The global economy is expected to witness negative growth – IMF predicts a decline in global output by...

Union Diagnostic and Clinical Services Plc Announces Delay in Filing its Q1 2020 Unaudited Financial Statements

Union Diagnostic and Clinical Services Plc hereby wishes to inform The Nigerian Stock Exchange and the investing public that it was unable to file...

UBA Group Announces Appointment of Deputy Managing Directors for Nigeria and Africa

Lagos, Nigeria, July 07, 2020 United Bank for Africa Plc (UBA), the leading pan-African financial services group, is pleased to announce the appointments of Ayoku...

West African Consumer Sentiment Reflects Global Uncertainty – Nielsen

Ghanaian consumer confidence declines by 15 points Nigerian sentiment also experiences a significant decline Lagos, 7 July 2020 - Against the backdrop of the unprecedented...

BMW Group increases sales of electrified vehicles in first half-year, despite COVID-19

Total sales affected by the impact of the worldwide pandemic Initial signs of recovery in individual markets at the end of Q2  ...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigerians Spend  billion on Fueling Generators Yearly – ReportNigerians Spend  billion on Fueling Generators Yearly – Report