Sophia Johnson
Fri, Jul 14, 2023 9:05 PM

Nigeria Loses $29bn Annually Due to Poor Power Supply - AfDB President Adesina

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Nigeria Loses $29bn Annually Due to Poor Power Supply - AfDB President Adesina
The President of the African Development Bank (AfDB), Akinwumi Adesina, has revealed that Nigeria loses a staggering $29 billion annually due to poor power supply. Adesina made this statement during a meeting in Abeokuta, the capital of Ogun State. He emphasized the need for urgent action to address the longstanding challenges in Nigeria's energy sector, which is hindering the country's economic growth and development.

In a recent meeting held in Abeokuta, the President of the African Development Bank (AfDB), Akinwumi Adesina, revealed that Nigeria is losing a staggering $29 billion annually due to poor power supply. This alarming figure highlights the dire consequences of Nigeria's persistent energy crisis, which has not only affected the daily lives of its citizens but has also seriously hindered the country's economic growth.

Adesina emphasized the urgent need for Nigeria to address the longstanding challenges in its energy sector. He expressed his disappointment with the current state of affairs and called for immediate action to be taken to improve the country's power supply.

According to Adesina, the poor power supply in Nigeria has led to the proliferation of small-scale diesel and petrol generators, resulting in increased costs for businesses and individuals. He stressed that Nigeria has the potential to become the largest exporter of electricity in Africa, but this potential remains largely untapped due to inadequate infrastructure and funding.

The President of AfDB highlighted the significant economic impact of a reliable power supply, citing the potential creation of industries, job opportunities, and increased productivity. He also mentioned the positive effects on the health sector, education, and overall living standards of Nigerians.

Adesina called on the Nigerian government and other stakeholders to prioritize investments in the power sector, urging them to explore renewable energy sources such as solar and wind power. He stressed the importance of embracing innovative solutions and technologies that can transform Nigeria's energy landscape.

The AfDB president also highlighted the role of the private sector in driving the necessary investments and reforms in Nigeria's energy sector. He encouraged the government to create an enabling environment for businesses to invest in renewable energy projects and other initiatives that can enhance the country's power generation capacity.

In conclusion, Adesina's remarks serve as a wake-up call for Nigeria to prioritize its energy sector and address the years of neglect and underinvestment. By taking decisive action, Nigeria has the potential to unlock significant economic opportunities and improve the quality of life for its citizens. It is essential for the government and other stakeholders to work together and make substantial investments in the power sector to ensure a brighter future for Nigeria.

Source of content: OOO News 2023-07-14 News

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