Power outages cost Nigerian firms 3% of annual sales—AfDB report

A report by the African Development Bank (AfDB) has revealed that power outages are resulting in an estimated loss of 3% of annual sales for Nigerian businesses. This situation has compelled firms to invest significantly in alternative power sources to mitigate the impact of unreliable electricity supply. The findings highlight the economic ramifications of Nigeria's infrastructure challenges, emphasizing the need for improvements in the power sector to support business operations and economic growth.

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