Electricity Output Drops To 2,794MW

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INDEPENDENT

Tue, 09 Oct 2007 00:00:00

Electricity Output Drops To 2,794MW – CBN

By Oluyinka Akintunde, Snr Correspondent, Abuja

The Central Bank of Nigeria (CBN) has reported a 5.3 per cent drop in the level of electricity generation in the second quarter of 2007.

The average electricity generation, according to the CBN, in its Economic Report for the second quarter, declined to 2,794.10 mega watts (MW) during the period.

Nigeria, which is reputed to have the capacity to generate about 6,000 MW of electricity per day, has of late been generating less than 3000MW due to the decay in the power stations as a result of lack of maintenance.

The bank attributed the decline to the vandalism of the main gas supply pipelines in the Niger Delta region, which conveys gas to the thermal stations in the country, as well as the rehabilitation being carried out at the hydro power stations.

The CBN also noted that the average electricity consumption dropped to 1,617 MW, a decline of 2.2 and 8.2 per cent respectively from the levels in the preceding quarter for the corresponding period of 2006

“Of the total, residential consumption accounted for 51.3 per cent, commercial and street lighting accounted for 26.7 per cent, while industrial consumption accounted for 22.0 per cent.

“The decline in electricity consumption relative to the preceding quarter was attributed to the low supply from the power generating stations, the various forced/planned power outages, and the emergency load shedding during the period,” it explained.

On foreign exchange (FOREX) market developments, the bank disclosed that sales to end-users through authorised dealers amounted to US$4.68 billion during the period under review.

This indicates an increase of 14.9 and 56.7 per cent over the levels in the preceding quarter and the corresponding period of 2006, respectively.

The report also disclosed that forex inflow and outflow through the CBN in the second quarter of 2007 amounted to US$6.41 billion and US$6.23 billion, respectively, representing a net inflow of US$180 million.

Relative to the respective levels of US$8.15 billion and US$7.02 billion in the preceding quarter, inflow and outflow declined by 21.3 and 11.3 per cent, respectively.

The fall in inflow was attributed to the decline in oil earnings occasioned by the reduction in the volume of oil production, resulting from the continued restiveness in the Niger Delta region.

On the other hand, the CBN stated that the decline in outflow was due to the fall in other official payments during the period.

According to the bank, aggregate forex inflow totaled $13.86 billion while the outflow amounted to $6.45 billion.

“Consequently, a total inflow of US$13.86 billion was recorded during the review quarter, representing a net inflow of US$7.41 billion, compared with the net inflow of US$8.49 billion and US$5.31 billion in the preceding quarter and the corresponding period of 2006, respectively,” it explained.

 

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