FG's Investments Yield Returns As Nigeria Exports N250 Billion Worth Of Electricity To Togo, Others
- A new report from the National Bureau of Statistics (NBS) has revealed how much Nigeria makes from exporting electricity
- The report showed that within the last three months of 2024, Nigeria made N76 billion from electricity exports to three countries
- In contrast, the report showed Nigeria's imports of solar panels appear to be rising at a faster rate
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Nigeria exported electricity worth N75.6 billion to neighbouring countries, from October to December 2024.
This was according to data from the Foreign Trades Statistics produced by the National Bureau of Statistics.
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The breakdown showed that Niger Republic received N14.2 billion worth of electricity, Benin Republic received N27.6 billion, and Togo got N33.7 billion worth of electricity imports from Nigeria.
Recall that Nigeria already earned over N181 billion from exporting to these three countries in the first nine months of 2024.
The total figure amounted to approximately N258.6 billion, which Nigeria earned from electricity exports to Togo, Niger Republic, and Benin Republic in 2024.
Solar panel imports increase
In contrast, during the same last quarter of 2024, Nigeria imported solar panels worth N237.3 billion.
The NBS report revealed that China was the primary source of these imports, categorized as “Photovoltaic cells not assembled in modules or made up into panels,” with approximately N228.9 billion worth of solar products sourced from the country, Daily Trust reported.
Nigeria to begin solar panel production
Recall that Nigeria launched an initiative to begin local production of solar panels in 2023, with the foundation-laying ceremony of the National Agency for Science and Engineering Infrastructure (NASENI) factory in Gora in Nasarawa state.
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Then Vice President Yemi Osinbajo who performed the ground-breaking ceremony noted that it would boost Nigeria’s standing in the list of countries that promote climate-friendly alternative energy sources.
Former Executive Vice Chairman of NASENI, Prof. Mohammad Sani Haruna, described the $326 million plant as a game changer, adding that the ultimate goal was to make alternative power cheaper and affordable to the average Nigerian, by producing the components locally and reducing the overall costs.
Previous Legit.ng reports already show that solar installations are becoming more affordable and accessible to Nigerians.
Defying the unstable exchange rates, the per-watt price of solar power has been on the decrease over the years, making it a valid and viable alternative to fossil fuels and other energy alternatives.
Access Bank introduces solar financing options
Earlier, Legit.ng reported that Access Bank Plc launched a solar energy funding plan to promote sustainable energy alternatives for the healthcare industry.
The goal is to assist healthcare facilities to reduce their dependency on fossil fuels, by providing financing to offset the high initial cost of installing solar options.
According to the Access Bank's risk officer, eligible Healthcare facilities and companies can receive up to N200 million under this plan.
Proofreading by James Ojo, copy editor at Legit.ng.
