Nigeria’s electricity production index declined by 1.64% year-on-year in the fourth quarter of 2024, according to the Central Bank of Nigeria (CBN). This downturn marks a reversal from the 5.55% growth recorded in the third quarter of 2024.
Despite this decline, the average estimated electricity generation rose by 2.34% to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024. Electricity consumption also saw a modest increase of 2.63%, reaching 4,105.66 MW/h from 4,000.24 MW/h in the preceding quarter.
The power sector’s challenges persist, including infrastructural deficiencies, liquidity issues, and transmission bottlenecks. The Siemens Power Project aims to address some of these issues, but industry stakeholders emphasize the need for sustained investment and reforms to ensure long-term stability in power generation and distribution.
In related news, Nigerians spent N509.84 billion on electricity in the last quarter of 2024, with the Benin Republic and Togo owing Nigeria $8.84 million for electricity supplied.
Source: Nairametrics
