THE latest report by the a Research and credit rating firm, Agusto and Co. has revealed that about 130 million Nigerians rely on self-generated electricity to supplement the shortfall from the national grid.
Speaking at the launch, the Chief Executive Officer of the company, Vivien Shobo, said Nigeria’s electricity generation capacity has been fluctuating between 3,500MW and 4,400MW over the last two years, due in part to shortage of gas supply.
Agusto & Co however estimated the turnover of the electricity industry at over ₦380 billion, representing approximately 0.5 per cent of Nigeria’s rebased GDP of ₦80 trillion.
It noted that, “access to electricity is equally low in the country, as only 40 per cent of the population has access to electricity, compared to the world average of 80 per cent.
“The country’s electricity consumption per capita, measured by the World Bank at 149 KWH, is also one of the lowest in Africa. Typically, Nigerians resort to self-generation of electricity; about 81 per cent of the national population (or 130 million Nigerians) generate electricity through alternative sources to compensate for irregular power supply.
“As at March 2014, electricity supply from the national grid stood at 4,306 Mega Watts (MW), far below the estimated demand of 12,800MW, which implies that Nigeria is only generating about 34 per cent of the country’s requirements. This, it said provides enormous potential for new and existing players in the industry.”