Nigeria Loses N7-10 Trillion Annually to Power Issues

The Centre for the Promotion of Private Enterprise (CPPE) has disclosed that Nigeria loses between N7 trillion and N10 trillion annually due to poor electricity supply. In its latest policy brief titled "Sign," authored by Dr.

Muda Yusuf, the CPPE highlights that persistent power shortages worsen inflationary pressures, undermining productivity across households and businesses. The organization emphasizes the economic burden of unreliable electricity, linking it strongly to inflationary pressures in the economy.

It stresses the need for urgent coordinated policy actions to prevent further inflation and economic instability in Nigeria, which has long grappled with unreliable electricity supply. This situation has forced widespread dependence on alternative energy sources, creating long-standing structural challenges that make energy costs a major driver of inflation in Nigeria's economy.

The CPPE outlines several policy recommendations aimed at addressing the energy crisis and stabilizing the economy, advising prudent management of oil revenue windfalls to boost foreign exchange reserves and support the productive sector.