Nigerian Government Announces over N225bn Revenue From Electricity Export to 3 Countries in 5 years

Nigerian Government Announces over N225bn Revenue From Electricity Export to 3 Countries in 5 years

  • A new report has shown that the Nigerian government made over N225 billion from electricity export
  • The Central Bank of Nigeria provided the data while noting that the payment for 2021 was a decline when compared to the previous year
  • Niger, Benin, and the Togo Republic are the three major countries that bought electricity from the federal government

Despite the country's irregular power supply in the country, the Central Bank of Nigeria has reported that electricity export to neighboring countries generated N29.95 billion ($72 million) revenue in 2021.

This follows the $84.26 million earned in 2020 and $142.3 million in 2019.

In the last five years in total, CBN data showed Nigeria earned $543.11 million(over N225bn) from electricity exports to neighboring nations such as Niger, Benin, and Togo Republic Nairametrics reports.

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Nigerian Government, Electricity Export, Togo, Benin, Niger
Electricity supply is one of the major promises of President Buhari. Credit: Statehouse
Source: Facebook

The revelation of federal government revenue from electricity export is coming on the heels of continuous power outages in the country as a result of recurrent grid collapses.

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In the one month, Distribution companies(DisCos) were forced to explain and apologize to Nigerians on three separate occasions over poor service. The most recent is on Saturday, April 9, 2022.

On March 8, 2022 from its verified twitter handle, Ikeja electric Was forced to announced:

"This is to inform you that the outage you are currently experiencing is due to the system collapse on the National grid which occured today at 17:10hrs and this has affected the Transmission Stations within our network."

World bank warns Nigeria is losing so much due to lack of electricity

According to the World Bank, 85 million Nigerians, or around 43 percent of the country's population, lack access to grid power, making Nigeria the country with the world's greatest energy access gap.

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Despite heavy investments, Nigeria now generates 3,900 megawatts of electricity

The Global Bank also stated that the lack of stable electricity has resulted in an estimated yearly economic loss of $26.2 billion, or nearly 2% of the national GDP.

Fuel scarcity, total blackout, ASUU strike: 8 celebs who have complained bitterly about the state of the nation

Some Nigerian celebrities have lent their voices to that cries of hardship as we all look forward to the ease of running businesses and living normal lives.

In the last few weeks, Nigerians have been subjected to hard life through fuel scarcity, the collapse of the national grid resulting in a national blackout, Academic Staff Union of Universities (ASUU) strike among others.

In this article, takes a look at some Nigerian celebrities who have said some things about the current situation.


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