Business
Nigeria suffers widespread blackouts after electricity grid fails
Nigeria’s national electricity grid collapsed on Monday leaving many parts of the country without power, electricity distribution companies said. The grid has collapsed at least four times this year, which authorities blame on technical problems. Last month workers from the Transmission Company of Nigeria (TCN) went on strike and temporarily shut the grid. Electricity distribution firms, known as Discos, said the outage happened earlier on Monday and they were working with TCN to restore supplies. They did not state the cause of the outage.
Nigeria has installed capacity of 12,500 megawatts but produces about a quarter of that, leaving many Nigerians and businesses reliant on diesel-powered generators. Diesel prices have soared since the start of the year. The nation’s sclerotic power grid, and its precarious energy supply, are often cited by businesses as a key issue hindering growth in Africa’s most populous country.
-
Oil and Gas1 day agoNUPRC vows not to approve divestments that doesn’t meet considerations
-
Oil and Gas1 day agoIran eases Strait of Hormuz transit rules amid oil shock
-
Finance1 day agoCardoso seeks collaboration to check cross‑border financial risks
-
Oil and Gas1 day agoCourt orders forfeiture of $13m linked to Aisha Achimugu’s firm
-
Oil and Gas1 day agoOil falls as reports of 15-point proposal spurs ceasefire hopes
-
Economy1 day agoNigeria to launch trade platform at ports as part of reform push
-
Finance1 day agoCourt nullifies CBN’s regulatory intervention in Union Bank in 2024, rules it acted beyond its powers
