CBN Says Earnings From Electricity Export Declined By 27 Per Cent In 2022

Data from the Central Bank of Nigeria has revealed that the value of Nigeria’s electricity export dropped by 27 per cent last year.

According to the data, the value of Nigeria’s electricity export was $213.66 million in 2021 but dropped to $155.56 million in 2022, which indicates a 27 per cent drop in earnings from crude oil exports.

In August last year, the Managing Director of TCN, Sule Abdulaziz, noted that Nigeria has been exporting electricity, and this provides an avenue to earn more foreign exchange for national development.

“Nigeria, through TCN, had been exporting electricity to Niger, Benin, and Togo under a country-to-country arrangement", he said.

However, Nigeria consistently suffered the collapse of its national grid, which further affected electricity output in 2022.