The country has exported electricity worth ₦181.62 billion from January to September 2024, according to data released by the National Bureau of Statistics (NBS).
This achievement shows Nigeria's growing role as a key electricity supplier in the West African region.
A detailed analysis of the export figures reveals that in the first quarter of 2024, Nigeria exported electricity valued at ₦58.65 billion to neighboring countries Togo, Benin, and Niger Republic.
The second quarter saw an increase, with exports reaching ₦63.28 billion, followed by ₦59.69 billion in the third quarter.
Despite these impressive numbers, the Nigerian Electricity Regulatory Commission (NERC) had earlier imposed a cap on electricity exports in May 2024.
This decision was aimed at boosting domestic supply amidst ongoing challenges within the national grid. "The regulatory agency directed that power delivery to Nigeria’s neighbors must not exceed certain limits," stated a NERC official.
The Vice Chairman of NERC, Musiliu Oseni, highlighted the impact of prioritizing international off-takers over local distribution companies. He noted, "This practice has compromised the Distribution Companies’ ability to deliver on committed service levels to end-use customers, significantly affecting market revenues."
The current export strategy is based on international and bilateral contracts with Generation Companies (Gencos), which are often below the minimum contract standards prevalent in the industry.
These contracts are described as being on a "best-endeavour" basis, indicating flexibility but also potential inefficiencies.
The NERC's interim order, effective from May 1, 2024, and signed by Chairman Sanusi Garba, aims to address sub-optimal grid dispatch operations.
The directive will be reviewed after six months, as the commission continues to monitor the situation closely.
Nigeria's electricity exports are part of a broader vision to leverage its abundant energy resources for economic diversification and regional influence. With large reserves of oil, gas, and hydro energy, Nigeria is well-positioned to meet both domestic and regional energy demands.
The country is also exploring its untapped solar energy potential, which could further enhance its export capacity.
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