FG will eliminate $2.6 billion in power sector debt to resolve blackouts

The government plans to clear $2.6 billion in debt in the power sector to eliminate blackouts and encourage investment.

A view of a power distribution facility that has lost power due to a collapse of the national grid, resulting in a total blackout in Lagos, Nigeria's commercial capital, on March 15, 2022. Various sectors in African countries, including airlines in Nigeria and bakers in Malawi, are experiencing challenges due to the ongoing crisis in Ukraine, leading to supply disruptions that increase inflation and fuel costs. Following Russia's invasion of Ukraine, global oil prices reached over $100 per barrel, resulting in a doubling of diesel prices in countries like Nigeria. Both Ukraine and Russia are significant suppliers of wheat and grains to Africa, and Western sanctions along with supply disruptions are driving up costs throughout the continent.

Guardians