84.8m Nigerians have no access to electricity – Transcorp
Nigeria’s power sector is in a very poor state and about 84.8 million Nigerians do not have access to electric power, Transnational Corporation of Nigeria Plc (Transcorp) has said.
President/Chief Executive Officer of the firm, Mr. Valentine Ozigbo, said this yesterday at the company’s fact behind the figures presentation on the Floor of the Nigerian Stock Exchange, (NSE) in Lagos.
Specifically, he said the situation was a far cry from what other African oil producing states’ scores.
Ozigbo said: “Egypt had a score of 5.0 while Algeria has a score of 4.2. Its sub-Saharan Africa counterpart, South Africa, was ranked 97th. India, its peer in Emerging Market category was ranked 80th. The Lagos peers’ as South Africa has 4.1 kWh per capita, Indonesia has 0.82kwh per capita and Kenya has 0.17 kWh per capita.”
He noted that presently, 14,134 MW of Nigeria’s power requirement is met through self generation.
“With an electric rate of 45 percent, Nigeria is largely reliant on self generation. An estimated 41 percent of Nigerian businesses generate their own power to augment the limited grid supply,” he said.
“At N78/kWh Nigerians overpay significantly for each unit of off-grid power consumption, which is twice higher than the Grid at 32 /kWh and three times higher than the next most expensive African country, Zambia.”
He said that investment in energy is a key pillar in driving growth under Nigeria’s Economic Recovery Growth Plan, ERGP and development projects recommended will increase demand on Nigeria’s energy supply.
While presenting the company’s Facts behind the Figures to stockbrokers and the investing public, Ozigbo noted that the diversified company with vested interests and investments in hospitality; Power, Oil and Gas and others, remains committed to deliver superior value to its wide clientele base.
Transcorp’s results for the financial year ended December 31, 2018, showed that the Group’s revenue hit N104.16billion, representing a 30 percent revenue growth compared to the preceding year’s results. Profit before Tax closed for the year 2018 at N22.40billion; a significant leap compared to the Profit before Tax of N12.31billion recorded in 2017.
Ozigbo, who noted that the focus of the company was to create an enabling environment for domestic and foreign investors to succeed, added that the businesses are well-positioned to continue to roll out profitably to its number numerous investors.
Ozigbo said, “Today, we own and manage the best business hotel in Africa, and are intent on improving tourism in Nigeria and beyond. We own and manage one of the most strategic power assets in Nigeria, and aim to meet the power needs of 1 out of every 4 Nigerians, and through this, help in poverty eradication and improving Nigeria’s competitiveness.”
Besides, he said, “Our businesses are contributing unprecedented revenue and profits in the history of the Group, and we are also stronger in corporate governance and now consistently among the first three companies quoted on this Exchange, who each year successfully finalize their audited accounts and organize their AGMs.”
