The Minister of Power, Adebayo Adelabu, stated that despite recent increases, Nigeria continues to have the most inexpensive electricity rates in Africa.
Adelabu made these comments during a meeting in Abuja on Thursday with Tosin Adeyanju, the Secretary of the Lottery Trust Fund, where he recognized the worldwide challenges concerning food and energy security.
Adelabu remarked, “All over the world today, we are faced with two basic issues, and these are food and energy security.”
“It is worth noting that the price of electricity is still the cheapest in Nigeria compared to even other African nations.”
At a time when Nigerians are struggling with expensive fuel and electricity bills, Minister Adelabu highlighted that despite the recent increase in electricity prices, Nigeria still offers some of the cheapest rates in Africa.
In July 2024, Nigerian households in the highest consumption category (Band A) are charged N209.5 per unit for electricity, receiving power for 20-22 hours each day.
Adelabu encouraged patience among Nigerians, assuring them that the government is working with the best intentions to tackle the country’s energy issues.
He added, “If Nigerians are patient, they will realize that the government means well for them.”
Adeyanju visited the Minister to discuss working together on solar energy projects.
To give some background, in April, the Nigerian Electricity Regulatory Commission (NERC) approved a significant 240% increase in tariffs, raising rates from N66 to N225 per unit of electricity.
Comparatively, while electricity prices in Nigeria have gone up, they are still lower than in countries like Senegal (N296.10) and Togo (N353.68). However, countries like Ghana (N205.62) and Ivory Coast (N195.76) have cheaper tariffs than Nigeria.
