Latest report by the Energy Commission of Nigeria showed that business and households in the country spend a whopping $22 billion (N9.053 trillion) annually on fuel to power generators used in offices and homes.
The report titled ‘Investment Climate and Exceptions to National Treatment’ stressed the impact of nationwide power shortages on businesses growth, with no immediate remedy on the challenge.
According to ECN, 72 per cent of the households with access are largely domiciled in urban areas, while 28 per cent are in rural areas.
Meanwhile, due to the unreliability of power supply, 80 per cent of those with access to grid electricity use alternative source of electricity, mainly petrol and diesel generators.
“Given that Nigeria’s population is still growing and is projected to be 264 million by 2030, Nigeria will have to provide electricity for a total of 47 million households in order to achieve universal access. Nigeria is targeting 100 per cent electricity access by 2030 using grid, off-grid and mini-grid solutions in line with the UN Agenda 2030 and the Sustainable Development Goals (SDGs).
It stated that decentralised technologies will play a key role in delivering universal access, especially in remote and rural communities.
“With an increasing population, Nigeria needs to double its efforts to provide improved access to electricity, especially for infrastructure to enhance energy supply from government, domestic and foreign private sector participants and development partners. The Rural Electrification Agency (REA) is to play a key role in achieving universal access” the report added.
Just last week, the Federal Government was literarily on its knees, begging Nigerians over the woeful performance of the generating plants.
