Africa’s Largest Oil Producer Loses $29B Per Year On Power Outages

Businesses in Nigeria are losing each year around US$29 billion because of the unreliable power supply, the World Bank said in an estimate about the OPEC country, which is the largest oil producer in Africa. “Businesses in Nigeria lose about $29bn annually because of unreliable electricity. Nigerian utilities get paid for only a half of electricity they receive,” the World Bank said in a presentation at a virtual meeting with journalists this week, Nigerian outlet Punch reported.     Distribution power companies lose…