SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home Trending News

Weekly Outlook: Nigeria’s electricity problem lingers as fuel scarcity hits some states

Contributor by Contributor
June 21, 2022
in Trending News
0
Weekly Outlook: Nigeria’s electricity problem lingers as fuel scarcity hits some states
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Nigeria’s electricity problem has continued to linger despite significant investments in the sector.

In the previous week, a section of the national grid was disrupted, causing widespread blackouts across most eastern states.

According to the communique of the recent monetary policy meeting of the Central Bank, the apex bank noted that it has disbursed a cumulative sum of N1.3 trillion to electricity generation companies (GenCos) and gas companies (GasCos) under the Nigeria Bulk Electricity Trading Plc – Payment Assurance Facility (NBET-PAF). The bank further stated that it distributed an aggregate of N251.93 billion to Nigerian Distribution Companies (DisCos) for their operational Expenditure (OpEx) and Capital Expenditure (CapEx) under the Nigeria Electricity Market Stabilization Facility – Phase 2 (NEMSF-2).

Despite these investments, Nigerians still grapple with epileptic power supply due to multiple grid shutdowns and the country’s inability to generate energy at full capacity. All this is in addition to high energy costs.

A look at the data from the Transmission Company of Nigeria (TCN) shows that Nigeria’s power generation was at an average of 77.11GWh between the 13th and 18th June 2022, with a peak generation of 3,651.5MW; this is lower than the average of 77.56GWh generated in the previous week.

Fuel scarcity hits some states

While many Nigerians have switched to alternative sources of energy to run their businesses as a result of the epileptic power supply and constant blackouts, petrol scarcity has resurfaced in major cities across the country.

Long queues have been spotted by Smartpreneur researchers in Lagos, Ogun, Oyo, and the Federal Capital Territory, with some filling stations selling petrol for as high as N190 per litre.

This follows the fuel scarcity witnessed earlier in the year, when adulterated fuel was found in the market, leading to weeks of sustained fuel scarcity and hikes in transportation costs. This time around, business operations have been hampered significantly considering the lingering power problem highlighted by the country’s inability to produce 8,000MW of energy despite boasting of having such capacity.

Many businesses have been forced to reduce their working hours to reduce fuel costs, especially as the price of diesel is projected to hit N1,500 per litre in the coming weeks. At the moment, diesel sells for as high as N850 per litre compared to the N350 per litre price it sold for earlier in the year. The significant hike in energy costs has triggered an 11-month-high inflation rate of 17.71% recorded in May 2022, with a further uptick expected in the current month.

Tags: ElectricityFuel scarcityNigeriaSmall businessesSmartpreneurTrending news
Previous Post

Top 5 Things To Consider Before Going Into Joint Business

Next Post

Fuel Scarcity and Inflation: Why Nigerian Businesses Must Stick To Virtual Shops

Contributor

Contributor

Related Posts

FG Searching For Nigerian Researchers To Help Create National AI Strategy
Trending News

FG Searching For Nigerian Researchers To Help Create National AI Strategy

by Blessing Osazuwa
August 28, 2023
0

The Federal Government has said it is seeking top researchers of Nigerian descent from across the globe to help the...

Read more
SMEDAN
Trending News

SMEDAN, Nimbus Media To Support Women-owned Businesses With N40m

by Blessing Osazuwa
August 24, 2023
0

Nimbus Media Ltd and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have jointly announced the opening of...

Read more
FCMB Extends N10m Renewable Energy Loan to Small Enterprises, Others
Trending News

FCMB Extends N10m Renewable Energy Loan to Small Enterprises, Others

by Blessing Osazuwa
August 14, 2023
0

Nigerians seeking green energy solutions like solar panels and batteries can now access up to N10 million through FCMB Energy...

Read more
We did not register ‘Wickedness Association’ as a business entity, Says CAC
Trending News

How To Stay Registered With CAC, Avoid Being Delisted

by Blessing Osazuwa
August 3, 2023
0

In Nigeria, business owners have a legal obligation to register their ventures with the Corporate Affairs Commission (CAC), the government...

Read more
KreAfrika To Empower Africa’s Cultural Sector through Entrepreneurship and Financing Training
Trending News

KreAfrika To Empower Africa’s Cultural Sector through Entrepreneurship and Financing Training

by Blessing Osazuwa
July 31, 2023
0

Senghor University, the French Development Agency and Trace Academia have launched the KreAfrika project to support and train professionals of...

Read more
2023 Report: Lagos Emerges as Leading Startup Ecosystem
Trending News

2023 Report: Lagos Emerges as Leading Startup Ecosystem

by Blessing Osazuwa
July 27, 2023
0

According to a 2023 global startup ecosystem report by Startup Genome, Lagos, has achieved significant growth, becoming the regional leader...

Read more
N700/Litre? Petrol Marketers & Distributors React
Trending News

Fuel Price Hike Threatens Closure of Small Businesses, Sparks Job Loss Concerns

by Blessing Osazuwa
July 27, 2023
0

The Organised Private Sector of Nigeria is deeply concerned about the potential complete closure of numerous small businesses and the...

Read more
Load More
Next Post
Fuel Scarcity and Inflation: Why Nigerian Businesses Must Stick To Virtual Shops

Fuel Scarcity and Inflation: Why Nigerian Businesses Must Stick To Virtual Shops

Please login to join discussion

Recent News

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

September 20, 2023
How to steal your competitors’ future customers

How to steal your competitors’ future customers

September 15, 2023
There’s Still Hope: 4 Ways To Cut Your Losses

There’s Still Hope: 4 Ways To Cut Your Losses

September 15, 2023
4 Tips That Will Change The Way You Pitch Your Business To People

Meetings aren’t always necessary. Here’s when to opt for alternatives

September 13, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur