Unstable Power Supply Causes $26.2 billion Economic Loss Annually – ICAN

The Institute of Chartered Accountants of Nigeria (ICAN) has said that it would continue to advocate for greater accountability and transparency in the power sector given that it holds the key to production and service activities that would boost the economic growth in Nigeria.

The 59th President of ICAN, Innocent Okwuosa, said this lamenting that the lack of reliable power is a significant constraint for citizens and businesses, resulting on annual economic losses estimated at $26.2 billion (10.1 trillion).

Okwuosa made the statement when the institute paid a courtesy visit to the Managing Director/ Chief Executive of Eko Electricity Distribution Company who is a fellow of the institute.

He said despite a recent position paper by ICAN which drew attention to a $500 million World Bank loan meant for DISCOs large-scale metering to improve electricity distribution sector, the World Bank reported that 85 million Nigerians, or 43 percent of the population don’t have access to grid electricity, making Nigeria the country with the largest energy access deficit in the world.

He further said that addressing the challenges of the power sector in the country would require a comprehensive and sustained policy reforms driven by both the public and private sectors with involvement of professionals.

His words: “It is therefore essential to create a conducive environment that will attract investment to the sector by establishing and implementing clear and consistent policies as well as creating the right incentives”.