CBN Reports a 27% Decrease in Electricity Export Revenue.

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According to The PUNCH, Nigeria’s electricity export fell by $58.1 million in a single year due to grid failure.

According to data from the Central Bank of Nigeria, Nigeria exported power worth $213.66 million in 2021 but only $155.56 million the following year. As a result, crude oil export revenue has decreased by 27%.

It also indicates that over a two-year period, Nigeria earned $369.22 million by exporting its electricity.

The managing director of TCN, Sule Abdulaziz, highlighted in August of last year that Nigeria has been exporting power, which offers a way to increase foreign exchange for national development.

According to him, under a country-to-country agreement, Nigeria had been selling electricity to Niger, Benin, and Togo through TCN.

However, Nigeria frequently experienced the of its national grid, which further affected electricity output in 2022.

Punch.

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