Power is one of the major problem small, medium and large corporations face in Nigeria. It is a major constraint on ease of doing business in Nigeria with about $12 billion spent annually by businesses and individuals on generators.
According to a global policy and advisory firm in June 2019, households owned about 22 million small petrol generators, as a research by NOI Polls and referenced by Bloomberg disclosed that an average power supply of only 9.2 hours a day was provided to households as of first half of 2019.
The yearly cost of powering these generators, which is estimated at $12 billion, is said to be twice the country’s annual infrastructure budget. The lack of access to electricity and unreliable power supply causes an annual economic loss of about $29 billion, according to the International Monetary Fund.
This means that the more dependent Nigerian households and businesses are on generators, the more holes it drills into the pocket of businesses, households and the economy.
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