The lack of power has been among the biggest obstacles to economic growth, and Nigeria is in the midst of a long and complex effort to increase electricity supply by more than fivefold by 2020, from the current level of about 3400 MW to 20,000 MW. The immediate result of this is a spike in demand for capital to rehabilitate existing capacity and add new supply, making foreign investment –...
Africa Energy
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Still Africa’s largest oil producer, with an industry that in past decades has fuelled the growth of what is now its largest economy, Nigeria has the biggest reserves on the continent. Local operators are expanding their share of production, while domestic services companies are boosting capacity to meet local content requirements. Yet the sector faces steep challenges, from policy uncertainty...
Fresh from a rebasing exercise in April 2014 that boosted 2013 GDP by 89% to $509.97bn, Nigeria now ranks not only as Africa’s most populous country, but also as its largest economy. It has long played an outsized regional role, making up 76% of West Africa’s GDP and around 60% of its population.
A decision expected later this year on a tender for the provision of a series of nuclear power stations in South Africa could provide a long-term solution to the country’s power shortfall.
Garnering more investment, loans and assistance packages than had been widely expected, Egypt’s Economic Development Conference (EEDC) secured investment contracts worth $36.2bn, an additional $18.6bn in infrastructure contracts to set up power plants, and $5.2bn in loans from international financial institutions.
Economic update | Ghana tackles power crisis
26 Mar 2015
An ambitious programme to hike electricity generation has been launched in Ghana to help alleviate the frequency of blackouts, with a particular focus on expanding the role of the private sector.