The latest GDP report for the second quarter of 2022 released by the National Bureau of Statistics (NBS); showed that Nigeria’s electricity sector contracted by 11.48% year-on-year in real terms.
This is consistent with the 11.2% contraction in the previous quarter (Q1 2022). In other words, the sector saw a loss of N15.4 billion from the N134.19 billion in the period of 2021.
The sector, which was as electricity, gas, steam, and air conditioning supply by the National Bureau of Statistics (NBS), impressive growth in the previous year, following a hike in electricity tariff rate. However, multiple grid disruptions and global energy crisis dampened productivity in the sector.