An industrial expert, Dr George Nwangwu, has said that Nigeria loses an estimated $26.2 billion to a lack of reliable energy supply.
The Director General of the Global Centre for Law, Business and Economy disclosed this on Tuesday at the maiden Africa Climate Forum 2023 in Abuja.
Dr Nwagwu who spoke on “Powering the Future: Financing Energy Transition for Sustainable Progress,” stated that the loss is an equivalent of 2 per cent of the country’s Gross Domestic Product.
The expert urged the African continent, especially Nigeria, to take energy-related issues seriously. He also claimed that energy transition in Africa has been mishandled and could pose an existential threat to the continent.
He said; “It is imperative for Africa, home to many of the world’s impoverished population, to take energy-related issues seriously. If the energy transition in Africa is mishandled, it could pose an existential threat to the continent.
“The lack of reliable power poses a significant challenge to private citizens and businesses, resulting in annual economic losses estimated at $26.2 billion, equivalent to 2% of GDP”.
