Electric Power Insecurity: The Bane of Sustainable Industrial Development in Nigeria
Iwuamadi Obioma C., Osondu Ugochukwu S., Anyaehie Maurice U., Iwuamadi Ojiugo C
Journal Title:Science View Journal
Every developed economy is built with the technical realization that a sustained availability of quality and affordable electricity in its various forms of generation is fundamental to the provision of jobs, transportation, industrialization, health services, education, housing, clean water, and good sanitation.The insecurity of electric power has become an issue bedeviling sustainable and industrial development in Nigeria over the years.The study painstakingly compared the cost of alternative power supply and the estimated cost of utility supply using power cost factor regulation and power cost index. One strong outcome of the study is that the power insecurity in Nigeria has imposed a significant cost of more than 400% of expected utility power supply cost on the operation of alternative supply to enhance supply reliability. This has a significant negative impact on the cost competitiveness of the economy.