Businesses in Nigeria are losing each year around US$29 billion because of the unreliable power supply, the World Bank said in an estimate about the OPEC country, which is the largest oil producer in Africa. “Businesses in Nigeria lose about $29bn annually because of unreliable electricity. Nigerian utilities get paid for only a half of electricity they receive,” the World Bank said in a presentation at a virtual meeting with journalists this week, Nigerian outlet Punch reported. Distribution power companies lose money on the electricity they receive as part of it is lost to poor distribution infrastructure and power theft, while another part is lost to customers not paying their bills, the World Bank said. “Six in 10 of registered customers are not metered, and their electricity bills are not transparent and clear. This contributes to resistance to pay electricity bills,” according to the World Bank’s Power Sector Recovery […]