- Nigerian businesses lose $25bn annually to power outages
Obinna Chima in Lagos and Chineme Okafor in Abuja
One of the leading global rating agencies, Moody’s Investor Service, yesterday pointed out that the smaller banks in Nigeria, commonly known as the tier 2 banks, are operating with weaker capital buffers, which indicate vulnerability of these banks.
This is coming as World Bank Group (WBG) report has disclosed that Nigerian businesses experience an average of 239 hours power outages monthly, compelling them to resort to alternative electricity sources, which in turn results in economic losses in excess of $25 billion annually.
The rating agency, however, noted that capital buffers are strong for the bigger banks in the country.
Moody’s stated this in a 35-page report on its 2019 outlook for African banks.
The Central Bank of Nigeria…
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