POWER FAILURE: Nigeria loses $100bn yearly – C’ wealth

Vanguard

7 March 2011

POWER FAILURE: Nigeria loses $100bn yearly – C’ wealth

*Oshiomhole urges labour to embark on nation-wide protest

LAGOS – THE Commonwealth Business Council, CBC, said, weekend, that Nigeria was losing $100 billion yearly due to lost output and high costs for local businesses.

This came as the Edo State Governor, Adams Oshiomhole, urged Labour leaders in the country to organise a day of national protest against continued power failure in the country.

The Commonwealth Business Council’s review also came amidst the revelation by the Managing Director of Shell Petroleum Development Corporation, SPDC, Mr. Mutiu Sunmonu, that Nigeria was the seventh largest natural gas resource holder in the world CBC Director General, Dr Mohan Kaul, who spoke at a two-day power summit on Nigeria organized by the body in London, said: “The government estimates that lack of power costs the Nigerian economy $100bn every year through lost output and high costs for local businesses.”