This high cost of self-generation continues to drive up the prices of goods and services, making Nigerian products less competitive in the global market.
The report notes that small and medium scale enterprises are the hardest hit by the frequent grid collapses and load shedding. Many entrepreneurs spend a significant portion of their monthly revenue on fueling generators, leaving little capital for business expansion or job creation.
Furthermore, the manufacturing sector has seen a decline in output as factories struggle to maintain continuous production cycles amid unpredictable power outages.
Economists warn that unless there is a radical transformation in the power value chain, the annual loss will continue to hamper the countrys development goals. The Federal Government has been urged to accelerate investments in renewable energy and decentralized power systems to reduce the burden on the national grid.
Experts believe that capturing even half of the 40 trillion naira lost annually could provide the necessary funding to modernize Nigerias infrastructure and stabilize the economy for future generations.
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Summary
A staggering new report has revealed that persistent electricity blackouts cost the Nigerian economy an estimated 40 trillion naira annually. The financial toll highlights the severe impact of power instability on industrial productivity, small businesses, and the overall growth of the national GDP. A recent economic report has highlighted the devastating financial impact of Nigerias unstable power supply,...
Key takeaways
- A staggering new report has revealed that persistent electricity blackouts cost the Nigerian economy an estimated 40 trillion naira annually.
- The financial toll highlights the severe impact of power instability on industrial productivity, small businesses, and the overall growth of the national GDP.
- A recent economic report has highlighted the devastating financial impact of Nigerias unstable power supply, estimating that the country loses approximately 40 trillion naira every year due to blackouts.
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What is this story about?
A staggering new report has revealed that persistent electricity blackouts cost the Nigerian economy an estimated 40 trillion naira annually. The financial toll highlights the severe impact of power instability on industrial productivity, small businesses, and the overall growth of the national GDP. A recent economic report has highlighted the devastating financial impact of Nigerias unstable power supply,...
Who published this story?
Glow 99.1 FM published this story with Oyebade Oluwatobiloba listed as author.
When was it published?
March 27, 2026
