Nigeria’s energy situation is considered “very pathetic” given its poor ratio of megawatts to populace, despite housing Africa’s biggest economy and largest black population; it produces roughly 3000MW to 5000MW of electricity for about 170 million.
However, locals may be dancing to the announcement, made today, that the country’s regulatory body, Nigerian Electricity Regulatory Commission, had reviewed electricity tariff downwards by 50 percent.
“The Commission has been listening to consumers’ complaints and taking full account of the impact of the high tariff on consumers and the Nigerian economy,” said Sam Amadi, the Chairman of the Commission. “Therefore, the Commission has reviewed the basis of the MYTO 2.1 assumptions and has determined that it is inappropriate to transfer to consumers collection losses that are controllable by the DISCOs [Distribution Companies].”
The new tariff regime will kick-off from the start of April.