Nigeria Says Power Firms Short of $2.5 Billion of Capital.

BUSINESS enterprises; ELECTRICITY pricing; ENERGY subsidies; POWER resources; RECAPITALIZATION; INVESTORS; CAPITAL

NIGERIA; AFRICA

Nigerian electricity companies are facing a capital shortfall of $2.5 billion, hindering their ability to provide power to the country's 200 million residents. The companies are burdened with debt and lack the necessary funds to invest in electricity distribution. Inadequate pricing, poor revenue collection, and an outdated national grid have resulted in most Nigerians relying on generators for power. The government aims to attract new investors and implement policies to reorganize and recapitalize the industry. Additionally, plans to make electricity tariffs cost-reflective are underway to improve the sector's financial viability. [Extracted from the article]

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)