- The loss due to energy supply shortfalls equals 2 per cent of Nigeria’s Gross Domestic Product.
- Mishandling energy transition in Africa could pose an existential threat to the continent.
The Director General of the Global Centre for Law, Business and Economy, Dr George Nwangwu, says Nigeria loses an estimated $26.2 billion to a lack of reliable energy supply. He disclosed this at the maiden Africa Climate Forum 2023 in Abuja. Nwangwu stated that the loss is an equivalent of 2 per cent of the country’s Gross Domestic Product (GDP).
According to the Energy Progress Report 2022 by Tracking SDG 7 in June 2023, 92 million Nigerians still lack access to electricity, with an estimated population of over 200 million. Speaking on “Powering the Future: Financing Energy Transition for Sustainable Progress,” he urged the African continent, especially Nigeria, to take energy-related issues seriously.
The DG stated that mishandling energy transition in Africa could consequently pose an existential threat to the continent. He noted, “It is imperative for Africa, home to many of the world’s impoverished population, to take energy-related issues seriously. If the energy transition in Africa is mishandled, it could pose an existential threat to the continent. The lack of reliable power poses a significant challenge to private citizens and businesses, resulting in annual economic losses estimated at $26.2 billion, equivalent to 2 per cent of GDP.”