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Nigeria’s electricity sector records highest growth – NBS - The Revealer
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Nigeria’s electricity sector records highest growth – NBS

The Nigerian electricity sector classified with gas, steam and air conditioning supply recorded the highest growth by any sector in the country, posting a 78.16 per cent year-on-year real GDP growth, according to the recently released Gross Domestic Product (GDP) report, by the National Bureau of Statistics (NBS).

According to the report, Nigeria’s non-oil sector of the economy was largely driven by growth recorded in trade, telecommunication, road transport, electricity, crop production, and food production.

Also, on a half-year basis, the sector grew by 56.58 per cent year-on-year compared to a contraction of 2.78 per cent recorded in the corresponding period of 2020.

Meanwhile, when compared to the previous quarter, the sector recorded a growth of 264.23 per cent to a real aggregate of N134.19 billion in the second quarter of 2021, as opposed to N36.84 billion recorded in the first quarter of 2021.

The significant increase in the sector’s GDP value is largely attributed to the increase in electricity tariff in the country.

Recall that in January 2021, the Nigerian Electricity Regulatory Commission (NERC) instructed DisCos to increase electricity tariffs.

The sector’s growth is largely due to increases in the tariff of electricity in the country, and yet another upward review is due for September, under the Service-Based Tariff (SBT) programme of NERC. The electricity sector recorded the highest sectoral growth in the Nigerian economy in the review period.

 

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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