Nigerian businesses spend about N5 trillion ($14 billion) over poor electricity supply.
The cost incurred due to irregular supply of electricity is enormous. About 50 million Nigerians lack access to electricity.
He said more than one billion people live in darkness globally, adding that a larger percentage of these people are found in rural areas.
African Development Bank (AfDB) Specialist Dozie Okpalaobieri said; ‘Sub-Saharan Africa accounts for 60 per cent of the people that do not have access electricity, with 58 percent living in the rural areas.’
According to him, the world requires $40 billion to ensure that people have access to electricity by 2030.
Okpalaobieri, however, said providing electricity to people through on-grid or traditional means was expensive and time consuming, compared to mini-grid electricity.
He urged energy firms to provide mini-grid power in large quantities because it is very effective.
With the off-grid approach, private participation would be ensured. The AfDB is support with Rural Electrification Agency to achieve this goal.
“AfDB is developing private sector mini-grids in underserved areas that have growth potentials.
Scaling up private sector development, by providing mini-grids electricity to more than one million Nigerian households and small scale enterprises, is needed to achieve growth,’’ Okpalaobieri added.
AfDB is allocating $70 million for production of mini-grid electricity and the bank is targeting about 250 mini-grid sites to achieve this goal.
Also, the bank has promised to provide $10 million for the provision of solar energy in Nigeria, with a view to ensuring that households access electricity