Once again, National Grid collapses as US billionaire’s firm offers to fix Nigeria’s electricity woes

• For the tenth time in 2024 and the second time in as many days, the national grid has collapsed, plunging several parts of the country into darkness
• Electric companies announced the collapse in messages posted on their social media accounts for customers
• This comes as a consortium backed by the world’s second richest man, Jeff Bezos, offered a ray of hope to Nigerians with plans to invest in the country’s power

Dave Ibemerejournalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economythe stock market and general market trends.

The national grid has collapsed for the second time in three days, leading to power outages in several parts of the country.

Data from the Nigerian System Operator’s Portal (niggrid.org) showed that electricity production reached zero megawatts at 11:30am.

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The electricity companies are informing customers of yet another grid collapse

A little electricity distribution company has informed customers on social media platforms about the challenges.

Ikeja Electricity distribution company serving parts of Lagos wrote on X:

“Please be informed that we experienced a system outage today, November 7, 2024 at 11:29 AM, which is affecting the supply within our network.”

“Restoration of supply is underway in collaboration with our critical stakeholders.”

Similarly, Eko Electricity Distribution Company (EKEDP) informed its customers “potential system failure”.

It says:

“Please be informed that at exactly 11:29 today, November 7, 2024, we experienced a simultaneous supply in our network.

“A potential system failure or collapse is suspect. We are currently working with our partners as we hope to quickly restore the network.”

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At the time of writing, the Transmission Company of Nigeria (TCN) has yet to comment on the latest power outage.

Jeff Bezos-linked group offers to invest in Nigeria’s electricity industry

Meanwhile, a consortium backed by key figures such as the Rockefeller Foundation and Bezos Earth Fund is poised to invest in Nigeria’s energy sector to address Nigeria’s decades of constant power outages plaguing the country.

The move will see the consortium invest about $25 million in loans and grants to mini-grid developers.

If successful, the system will end the country’s constant blackouts caused by an unstable grid.

Proofreading by James, Ojo Adakole, journalist and editor at Legit.ng.

Source: Legit.ng