{"id":24683,"date":"2021-04-22T14:53:22","date_gmt":"2021-04-22T13:53:22","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=24683"},"modified":"2021-04-22T14:53:22","modified_gmt":"2021-04-22T13:53:22","slug":"businesses-in-nigeria-lose-29bn-annually-to-erratic-power-supply-says-world-bank","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/04\/22\/businesses-in-nigeria-lose-29bn-annually-to-erratic-power-supply-says-world-bank\/","title":{"rendered":"Businesses in Nigeria lose $29bn annually to erratic power supply, says World Bank"},"content":{"rendered":"<p>The World Bank has disclosed that businesses in the country suffer an annual loss of $29 billion as a result of &#8220;unreliable&#8221; electricity.<\/p>\n<p>This was disclosed by top officials of the bank while speaking on Wednesday at a \u2018World Bank Dialogue with Energy Reporters\u2019 with the theme \u2018Fostering Knowledge-Sharing and Dialogue on Power Sector Issues in Nigeria\u2019, in Abuja.<\/p>\n<p>Presenting the bank\u2019s Power Sector Recovery Program (PSRP) fact sheet, Ashish Khanna, World Bank\u2019s practice manager, West and Central Africa energy, said majority of Nigerians are reluctant to pay their electricity bills because the bills are not \u201ctransparent and clear\u201d.<\/p>\n<p>\u201cBusinesses in Nigeria lose about $29bn annually because of unreliable <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/11\/24-year-old-cobbler-electrocuted-while-reconnecting-neighbours-electricity-in-ogun\/\">electricity<\/a>. Nigerian utilities get paid for only a half of electricity they receive,\u201d the report read.<\/p>\n<p>\u201cFor every N10 worth of electricity received by DisCos (distribution companies), about N2.60 is lost in poor distribution infrastructure and through power theft and another N3.40 is not being paid for by customers.<\/p>\n<p>\u201cSix in 10 of registered customers are not metered, and their electricity bills are not transparent and clear. This contributes to resistance to pay electricity bills.\u201d<\/p>\n<p>The Bretton Woods institution, in the report, noted that only 51 percent of installed capacity was available for generation, as an average Nigerian consumed four times less energy than his\/her counterpart in a typical lower middle-income country.<\/p>\n<p>However, it said every Nigerian paid less for electricity than what it costs to supply electricity to them.<\/p>\n<p>According to the report, for years, the government was paying the difference because the government wanted to help poor Nigerian families to pay their bills.<\/p>\n<p>\u201cBut richer families use more electricity; so a big chunk of government support ends up going to those who do not really need help with paying bills,\u201d the report added.<\/p>\n<p>The bank also said Nigeria has the highest number of people lacking electricity access in the world as every one in 10 people without access to electricity now reside in Nigeria.<\/p>\n<p>Muhammad Wakil, senior energy specialist, World Bank, said: \u201cNigeria now has the largest number of \u2018unelectrified\u2019 people globally and the trend is worsening. Of the electrified, the supply is very unreliable with widespread blackouts.\u201d<\/p>\n<p>He said Nigeria now has 25 percent more \u2018unelectrified\u2019 people than the second most unelectrified country in the world, the Democratic Republic of Congo (DRC).<\/p>\n<p>The World Bank described the PSRP as a comprehensive response to Nigeria\u2019s power challenges with the aim to renew the country\u2019s economy by rebuilding a functioning and fair power sector.<\/p>\n<p>Between June 2020 and February 2021, the World Bank said its board approved $1.25 billion financing to support the Nigerian government in its efforts to reset the power sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank has disclosed that businesses in the country suffer an annual loss of $29 billion as a result of &#8220;unreliable&#8221; electricity. This was disclosed by top officials of the bank while speaking on Wednesday at a \u2018World Bank Dialogue with Energy Reporters\u2019 with the theme \u2018Fostering Knowledge-Sharing and Dialogue on Power Sector Issues [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":16980,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[6338,6339,6340,547,4522],"class_list":["post-24683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-29-billion","tag-bretton-woods-institution","tag-democratic-republic-of-congo","tag-electricity","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Businesses in Nigeria lose $29bn annually to erratic power supply, says World Bank<\/title>\n<meta name=\"description\" content=\"The World Bank has disclosed that businesses in the country suffer an annual loss of $29 billion as a result of &quot;unreliable&quot; electricity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/22\/businesses-in-nigeria-lose-29bn-annually-to-erratic-power-supply-says-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Businesses in Nigeria lose $29bn annually to erratic power supply, says World Bank\" \/>\n<meta property=\"og:description\" content=\"The World Bank has disclosed that businesses in the country suffer an annual loss of $29 billion as a result of &quot;unreliable&quot; electricity. This was\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/22\/businesses-in-nigeria-lose-29bn-annually-to-erratic-power-supply-says-world-bank\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-22T13:53:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/04\/adewale_chocomilo\/2021\/04\/03\/World-Bank-750x422-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"422\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta 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