2021 electricity exports revenues lowest in 11 years, 14.5% drop YoY
Electricity export dropped 14.5 per cent to $72 million (N29.95 billion, at N416/$1) in 2021 from $84.26 million in 2020, and declined 49.4 per cent versus $142.3 million in 2019.
Electricity accounted for 0.16 per cent of total $45.92 billion export earnings in 2021 and its $72 million inflow was the lowest since 2010, based on figures from the Central Bank of Nigeria (CBN).
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The treasury earned $543.11 million from power export to Niger, Benin, and Togo Republic in the past five years, even as Nigerians daily face inadequate supply.
The national grid has collapsed several times this year, the latest last weekend caused blackouts in some parts of the country, as power generation plummeted to 37,964.93 megawatts per hour (MWh) on 9 April.
The World Bank says 85 million Nigerians do not have access to grid electricity, about 43 per cent of the population, making Nigeria the country with the largest energy access deficit in the world.
Yet Nigeria sells electricity across its borders.
The World Bank also says unstable power supply in the country results in an annual economic loss estimate of $26.2 billion, about 2 per cent of Gross Domestic Product (GDP).
Nigeria ranks 171st out of 190 countries in access to electricity, one of the major constraints of the private sector, according to World Bank Doing Business Report.
