The latest Africa Trade Barometer report says Nigeria loses an estimated twenty-six billion dollars yearly to power failures.
The report said the cost excludes spending on off-grid generator, which is estimated to be a further twenty-two billion dollars.
It identified electricity supply as a major challenge to business operations in Nigeria and across the African continent.
According to the report, power supply infrastructure remains the most severe obstacle to surveyed businesses’ operations, across the ten African markets.
The report added that it is reported as one of the most poorly perceived infrastructural attributes as well as the one presenting the most severe obstacle to business operations.
Blackouts cause a downtime of production, risk the quality of goods that require controlled environments, impact water supply and affect telecommunications infrastructure which businesses may rely on for payments.
The report comes amid the incessant national grid collapse in recent weeks.
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