Nigeria's Power generation falls by 743MW in one week

PHOTO CREDITS: PUNCH - Minister of Power, Prof. Chinedu Nebo

Peak power generation fell by 742.9 megawatts in the last one week to 3,646.8MW on January 4, 2015, down from 4,389.7MW recorded on December 29, 2014.

The quantum of electricity available for distribution to various classes of consumers as of December 29, 2014 was 4,112.29MW out of the 4,389.7MW generated, but this fell by 697.08MW to 3,415.21MW on January 4, 2015, according to figures obtained by our correspondent from the Federal Ministry of Power on Monday.

This is coming as analysts at First Bank of Nigeria Capital Research are predicting that adequate supply of electricity to industries will increase by almost three basis points the country’s Gross Domestic Product to 6.5 per cent.

Nigeria’s GDP grew by 6.23 per cent in the third quarter of 2014, higher by 1.06 percentage points than the rate recorded in the third quarter of 2013, and lower by 0.31 percentage points than the second quarter of 2014 growth figure.

The National Bureau of Statistics has yet to release the country’s GDP for the fourth quarter of 2014.

FBN Capital, in its latest report on the country’s manufacturing Purchasing Managers’ Index, stated that if the electricity needs of industries were met, the GDP would increase by about 2.7 per cent. ...Punch