Nigeria is losing an estimated $26 billion annually due to power failures, according to the latest Africa Trade Barometer report by Standard Bank.
While noting that the national grid often collapses and fails to meet daily peak demands, which are nearly four times its generation capacity, the report reveals that businesses are forced to spend around $22 billion each year on off-grid fuel, further driving up operational costs.
This report comes amid a series of national grid collapses in recent weeks, with parts of the country experiencing significant blackouts after the grid failed three times in just seven days.
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