Economy

Nigeria may lose Niger Republic’s $665m yearly energy cash

Nigeria will lose more revenues from energy exports once the Niger Republic starts generating her own electricity, it was gathered at the weekend.

Aside from the Niger Republic, the country, according to the Federal Ministry of Power, exports electricity valued at between $582 million and $665 million annually to countries such as Togo, Chad, and the Benin Republic.

It exports between 350megawatts (Mw) and 400 Mw of electricity daily to those countries, with a view to generating more revenues and meet their energy needs.

Speaking on the side of a stakeholder forum in Lagos,  the Technical Director, Consistent Energy Limited, Mr. Mohammed Etti, said Nigeria’s export earnings would dip further once the Niger Republic starts generating electricity.

He said: “If Nigeria allows the Niger Republic to dam River Niger at Fouta Djullion for her own electricity needs, the country would  not be able to export electricity to the Niger Republic and that would go a long way to reduce Nigeria’s earnings.”

He said the countries which import energy from Nigeria enjoy a stable power supply while the country is constantly plunged into darkness.

Nigeria, he said, sells electricity at commercial rates to these other countries, adding that the country is yet to enjoy value proportionate to her efforts.

The Ministry of Power had quoted the Managing Director, Transmission Company of Nigeria(TCN), Mr. Usman Mohammed, as saying the country exports 80 percent of her electricity to other countries in West Africa to improve power supply to the sub-region.

He was quoted to have said the issue is inhibiting the growth of the economy, as well as making it difficult for Nigeria to realise her potentials.

Nigeria generates less than 5,000 Mw despite efforts by the Federal Government to grow the sector.

-TheNation

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