Many indigent users of electricity would also need tariff rebates to allow them to participate in the economy.
How Ukraine’s Superhuman Centre is helping war heroes walk againMy lovely two of a kind teachers, By Tunde AkanniAll Roar and No Bite: Exposing Nigeria’s Paper Tiger Election LawsSPECIAL REPORT: Antimicrobial resistance crisis heightens in Nigeria, other countriesThe paradox of declining optimism, By Bolutife OluwadeleA lasting solution to the power problem needs to be a whole-economy solution that not only provides the power affordably but also the people the means to be able to afford it and...
Recounting his journey, the governor discussed how, as a consultant, he helped craft Nigeria’s vision 2020. This vision projected that by 2020, Nigeria would be one of the top 20 economies, generating over 50GW of electricity from a base of 5GW. For context, New York city uses about 5.5GW to serve its 8.3 million population, while Nigeria has 220 million people. However, four years after the target year, Nigeria still generates about 5GW of electricity to the grid.
The second problem is financing. Projects in this sector are capital intensive, and capital is expensive and impatient in these parts of the world. Imagine spending $100 million to build a power plant. At the prevailing interest rates of 35 per cent, you need to recover $35 million every year to cover the financing cost, not including operations costs.
Hopefully, as a result of this year’s small room discussion, the investors can work with this governor on some consequential mini grids, that allow him to say at next year’s UNGA that we moved the needle. That’s worth more than a thousand vacuous speeches.At Premium Times, we firmly believe in the importance of high-quality journalism.
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