Nigerians spend $14 billion on generators
With power supply being one of the major business constraints in Nigeria according to the Central Bank of Nigeria (CBN), it has been revealed that Nigerians spend about $14 billion on generator and fuel yearly in order to prevent their businesses from crippling. For years, generator has served as an alternative source of power for Nigerians, as the country experiences unstable and poor power supply. This has led to increase in generator budget for many households and businesses within the country. The amount spent on generator and fuel by Nigerians was revealed by the Director in charge of African Development Bank (AfDB) in Nigeria, Ebrima Faal who stated that it would have negative impact on the power sector. The $14 billion shows an increase in spending and proves power supply in Nigeria is not getting better despite the privatisation, as Nairametrics reported last year that Nigerians spent about $12 billion fueling generators.