The Managing Director of the Rural Electrification Agency (REA), Abba Aliyu, said on Friday Nigeria loses at least $25 billion every year due to the lack of electricity.
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He stated this during the signing of a Memorandum of Understanding between the Rural Electrification Agency and Galaxy Backbone in Abuja.
The agreement was aimed at delivering electricity and digital connectivity to public institutions such as schools, hospitals, and security agencies across the country.
The REA boss said the initiative is part of President Bola Tinubu administration’s efforts to drive inclusive development and realise its vision of a $ 1 trillion economy.
Aliyu said: “For us, today (Friday), we are showing and demonstrating how two different government agencies can collaborate towards the development of this country.
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“Today, we are showing we are planting the seed to unlock a $25bn economy. The cost of lack of electricity and associated development initiatives within the country is costing the country $25bn annually.
“The nexus between electricity, financial inclusion, and the digital economy cannot be over-emphasised.
“We have seen it over and over in the study that wherever there is no electricity, there is no financial inclusion, and there is no digital value that has been created within those communities.
“Nigeria has the highest number of people without electricity, which by extension means that the country has the highest number of people that are financially excluded, and they are not reaping the benefit of the digital economy.”
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