In an illuminating disclosure during Channels TV’s “2023: Year Of Transition” special end-of-year program, Bismarck Rewane, the Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, revealed that the national grid grappled with 12 collapses throughout the year.
Addressing the nation’s energy challenges, Rewane emphasized this concerning pattern, citing the most recent system failure on December 11, 2023, which plunged the country into darkness at approximately 1 pm. Despite prompt efforts by the Transmission Company of Nigeria (TCN) to restore functionality, this incident marked the third collapse in recent months, following disruptions in September.
In a series of setbacks, the national grid succumbed to failures on September 14 and 19, 2023, respectively, but was successfully restored each time. Beyond the energy sector, Rewane delved into broader economic issues during the programme.
Highlighting a downturn, he noted a decline in GDP growth from 3.25% to 2.45%, signifying a 0.80% decrease. Additionally, per capita income plummeted from $2202 to approximately $1755, representing a 20% decrease and rendering Nigerians 20% poorer in 2023.
Commenting on inflation, Rewane highlighted a notable rise in commodity and food prices.
Starting the year with an inflation rate of 21.34%, the nation witnessed a seven percent increase, reaching 28.2% by the end of the year.
Projections for the upcoming inflation report hinted at an alarming 29%, painting a challenging economic landscape for the year ahead.
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