Nigerians lament an increase in prices after the oil-rich nation dumped a controversial petrol subsidy system in the face of a coronavirus budget crunch. Authorities announced an end to the subsidies earlier this year, as falling oil prices robbed Nigeria of a major chunk of its revenues. Increasing the pain for average Nigerians, the government has also almost doubled the cost of electricity from 33 to more than 60 naira per kilowatt. The manager of a printing and embroidery company describes the impact these changes will have on his production.
Nigeria’s Minister of Water Resources, Suleiman Adamu says the Federal Government has signed a concession agreement for the Gurara 30 megawatts hydropower plant with North-South Power Company. Joining CNBC Africa to discuss the details of the agreement is Olubunmi Peters, Executive Vice Chairman and CEO of North South Power.
Electricity consumers in Nigeria will pay more tariff from April this year, a Minor Review of the Multi-Year Tariff Order (MYTO) 2015 and the Minimum Remittance Order (MRO) for 2020 published by Nigerian Electricity Regulatory Commission (NERC) has shown.