Nigerias electricity generation costs soar 83% in just 11 months.

The cost of generating electricity per kilowatt-hour in Nigeria has surged by an astonishing 83% over the past 11 months, according to a recent report. The price increase was most pronounced, rising from N63.8 per unit in January to N117.27 per unit by November 2024. This significant uptick is expected to have far-reaching implications for households and businesses that rely heavily on electricity, with consumers likely facing substantial increases in their energy bills. As a result of the sharp price hike, Nigeria's power generation costs are now among the highest in the world.