Again, National Grid Collapses as US Billionaire's Firm Offers to Fix Nigeria's Power Issues

• For the 10th time in 2024 and the 2nd time in days, the national grid has collapsed, plunging several parts of the country into darkness
• Electricity companies announced the collapse in messages posted to 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 for Nigerians with plans to invest in the country's power

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

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

Data from the Nigerian System Operator’s portal (niggrid.org) showed that power generation hit zero megawatts at 11.30am.

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Electricity companies inform customers of another grid collapse

Some electricity distribution companies have informed customers on social media platforms of the challenges.

The Ikeja Electricity Distribution Company serving parts of Lagos wrote on X:

“Please be informed that we experienced a system outage today 07 November 2024 at 11:29Hrs affecting supply within our network."

“Restoration of supply is ongoing in collaboration with our critical stakeholders."

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

It reads:

“Kindly be informed that at precisely 11.29 hours today, 7th November 2024, we experienced a simultaneous loss of supply across our network.

“A potential system failure or collapse is suspected. We are currently working with our partners as we hope for speedy restoration of the grid.”

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

Jeff Bezos-linked group offers to invest in Nigeria

Legit.ng earlier reported that a consortium supported by key personalities such as the Rockefeller Foundation and the Bezos Earth Fund announced readiness 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 scheme will end the country’s constant power outages caused by an unstable national grid.

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

Source: Legit.ng