Nigeria’s electricity exports during the first quarter of the current year 2024 increased by 47.4% quarterly, reaching 58.65 billion naira, equivalent to $39 million.

Nigeria succeeded in recording this increase despite the challenges it faces in collecting its dues from international buyers of exported electricity.

Nigeria’s neighboring countries, such as Benin, Niger, and Togo, were the beneficiaries of this electricity during the aforementioned period.

The value of electricity exports from Nigeria in the last quarter of 2023 reached 31.04 billion naira, equivalent to $20.5 million, while it was $50.98 million in 2022.

The national statistics report showed that the value of Nigerian exports of electricity and other goods to African countries during the first quarter of 2024 amounted to $1.3 billion, compared to imports worth $265.9 million.

Although Nigeria is considered the largest oil producer in Africa, it faces major challenges in the energy sector, as more than 40% of its population suffers from energy poverty, equivalent to about 92 million people.

Electricity production in Nigeria will increase to 6,000 megawatts before the end of 2024 as the government takes steps to modernize infrastructure and increase generation capacity, including renewable energy projects as an alternative source to meet the growing electricity demand.