Minister of Power Adebayo Adelabu has stated that electricity is the cheapest in Nigeria compared to other African nations. He made this announcement on Thursday while meeting with Tosin Adeyanju, the Secretary of the Lottery Trust Fund, in Abuja.
Adelabu emphasized that both Nigeria and the global community are currently grappling with two major issues: food and energy security. “All over the world today, we are faced with two basic issues, and these are food and energy securities,” he noted.
He highlighted that the price of electricity remains lower in Nigeria than in many other African countries. “If Nigerians are patient, they will realize that the government means well for them,” Adelabu added.
Adeyanju, in his visit, sought to explore potential partnerships for solar energy initiatives.
Adelabu’s comments come amid rising energy costs for Nigerians, which include expenses for petrol, diesel, and electricity. Effective July 1, 2024, electricity distribution companies in Nigeria charge N209.5 per kilowatt-hour for customers in Band A, who receive 20-22 hours of electricity daily. This follows a significant tariff hike approved by the Nigerian Electricity Regulatory Commission, which increased rates by 240 percent from N66 to N225 per kilowatt-hour on April 3.
Current comparisons show that electricity costs in Senegal and Togo are higher than in Nigeria, priced at N296.10 and N353.68 per kilowatt-hour, respectively. Conversely, Ivory Coast and Ghana have lower rates at N195.76 and N205.62 per kilowatt-hour, respectively, as of April 2024.
