Akinwumi Adesina, President of the African Development Bank (AfDB), has raised concerns about the crippling effects of Nigeria’s poor electricity supply on businesses. Speaking at an event, Adesina emphasized that no business in Nigeria can survive without relying on generators due to the unreliable power grid.
He pointed out that the country loses billions annually—around $29 billion, or 5.8% of its GDP—because of these energy deficiencies. Many Nigerian industries face high costs and reduced competitiveness due to erratic electricity, making it difficult for businesses to thrive under current conditions.
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