Business
Minister Adebayo Adelabu Claims Nigeria Offers Most Affordable Electricity in Africa
The Minister of Power, Adebayo Adelabu, has asserted that Nigeria boasts some of the lowest electricity prices in Africa, despite the rising energy costs that many citizens are currently facing.
This statement was made during a recent meeting with Tosin Adeyanju, the Secretary of the Lottery Trust Fund, in Abuja, where the minister emphasized the government’s commitment to addressing the challenges of food and energy security.
Adelabu highlighted that both food and energy security are pressing issues globally, affecting many nations, including Nigeria.
He stressed the importance of patience among Nigerians, reassuring them that the government is dedicated to improving their welfare and addressing the difficulties they encounter in daily life.
As of July 1, 2024, electricity distribution companies in Nigeria have set their rates at N209.5 per kilowatt-hour for customers in Band A, who typically enjoy 20-22 hours of service each day.
This pricing follows a significant tariff increase approved by the Nigerian Electricity Regulatory Commission earlier this year, which raised rates from N66 to N225 per kilowatt-hour.
Adelabu’s comments come at a time when many Nigerians are struggling with increased energy costs across the board, including petrol and diesel prices.
The minister’s assertion that Nigeria’s electricity is the cheapest in Africa stands in contrast to the higher rates in countries like Senegal and Togo, where electricity costs are considerably more expensive, priced at N296.10 and N353.68 per kilowatt-hour, respectively.
However, the minister’s claim also comes with a caveat, as electricity prices in neighboring countries such as Ivory Coast and Ghana are lower, standing at N195.76 and N205.62 per kilowatt-hour, respectively.
This context raises questions about the overall affordability of electricity in Nigeria compared to other nations.
In summary, while Minister Adebayo Adelabu insists that Nigeria’s electricity prices remain competitive within the African context, the ongoing challenges of rising costs for energy and essential services underscore the need for continued government efforts to ensure that the welfare of Nigerians remains a priority.
The government is expected to explore ways to balance affordable energy rates with the need for sustainable growth in the energy sector, all while addressing the broader issues of food and energy security that impact the nation.
High street fashion retailer Superdry is closing its Bradford Broadway store today, marking another chapter in the ongoing challenges faced by traditional retail outlets. The store is hosting a significant clearance sale, offering customers substantial discounts as it prepares to shut its doors for good.
This closure is part of a trend affecting the UK’s high streets. In 2024, approximately 13,479 retail stores closed across the country, equating to an average of 37 closures per day—a 28% increase from the previous year. The Centre for Retail Research anticipates that this trend will continue, forecasting around 17,350 retail site closures in 2025.
Several factors contribute to these widespread closures:
- Shift to Online Shopping: Consumers are increasingly favouring online shopping platforms, reducing foot traffic in physical stores.
- Rising Operational Costs: Retailers are grappling with escalating expenses, including higher national insurance contributions and increased minimum wage requirements.
- Economic Pressures: High inflation rates have led to reduced consumer spending, impacting retailers’ revenues.
Other retailers, such as Beales and New Look, are also closing various branches due to financial pressures. Beales, for instance, will close its last remaining store in Poole on May 31, while New Look plans to shut nearly 100 outlets.
The decline in traditional high street shopping has resulted in significant job losses, with nearly 170,000 retail jobs lost in 2024 alone, marking the highest annual loss since 2020. Experts predict that 2025 may bring even worse outcomes for retail jobs and store closures.
Dangote Refinery has reduced its ex-depot price for premium motor spirit (PMS) to N815 per litre. This adjustment follows a drop in fuel landing costs, which recently fell to N774.82 per litre, lower than Dangote’s previous ex-depot price of N825 per litre.
Industry insiders have confirmed the price reduction, although Dangote Refinery has not made any official statement about it.
Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, acknowledged the change. He explained that speculation about lower prices for imported products is fueling the competition. He added that since Dangote has a large supply of fuel, reducing prices helps to protect its market share.
It’s unclear whether this reduction will affect the pump price at Dangote-affiliated stations like MRS, which currently sells petrol at N860 per litre in Lagos and N880 in Abuja.
In recent months, Dangote Refinery and the Nigerian National Petroleum Company Limited have been locked in a competitive price battle.
Meanwhile, the Petroleum Products Retail Outlet Owners Association recently met with the Minister of State for Petroleum, Heineken Lokpobiri, to push for more stable and competitive fuel prices.
In early 2025, Nigeria’s telecommunications landscape underwent significant changes as major service providers—MTN, Airtel, Glo, and 9mobile—implemented substantial increases in their data tariffs.
These adjustments, some exceeding 200%, were introduced following the Nigerian Communications Commission’s (NCC) approval of a 50% tariff hike, aiming to address escalating operational costs faced by telecom operators.
NCC’s 50% Tariff Increase Approval
In January 2025, the NCC granted permission for a 50% increase in tariffs, responding to the telecom operators’ appeals to mitigate rising expenses and sustain service quality. This decision marked the first tariff adjustment since 2013, reflecting the need to balance operational costs with revenue generation.
MTN Nigeria
MTN Nigeria implemented extensive price adjustments across its data plans, with some popular offerings experiencing increases of up to 200%. Below is a detailed breakdown of the changes:
1. 15GB Digital Bundle Weekly Plan:
- Previous Price: ₦2,000
- New Price: ₦6,000
- Adjustment made: ₦3000 for 7gb
- Percentage Increase: 200%
2. 1.5TB 90-Day Plan:
- Previous Price: ₦150,000
- New Price: ₦240,000
- Percentage Increase: 60%
3. 100GB Monthly Plan:
- Previous Price: ₦20,000
- New Price: ₦25,000 (for 90GB)
- Percentage Increase: 25%
4. 600GB 90-Day Plan:
- Previous Price: ₦75,000
- New Price: ₦120,000 (for 480GB)
- Percentage Increase: 60%
5. 1.8GB Monthly Plan:
- Previous Price: ₦1,000
- New Price: ₦1,500
- Percentage Increase: 50%
6. 20GB Monthly Plan:
- Previous Price: ₦5,500
- New Price: ₦7,500
- Percentage Increase: 36%
7. 25GB Monthly Plan:
- Previous Price: ₦6,500
- New Price: ₦9,750
- Percentage Increase: 50%
8. 10GB Monthly Plan:
- Previous Price: ₦3,500
- New Price: ₦5,250
- Percentage Increase: 50%
9. 5GB Monthly Plan:
- Previous Price: ₦1,500
- New Price: ₦2,250
- Percentage Increase: 50%
10. 1GB Daily Plan:
- Previous Price: ₦350
- New Price: ₦525
- Percentage Increase: 50%
11. 5GB Tuesday Awoof Plan:
- Previous Price: ₦600
- New price: ₦900
- Percentage Increase: 50%
These adjustments and increase has led to consumer dissatisfaction, particularly due to the steep increases in high-capacity data plans.
Airtel Nigeria
Airtel Nigeria also revised its tariffs, affecting data, call, and SMS rates:
1. 23GB Monthly Plan:
- Previous Price: ₦6,000
- New Price: ₦9,000
- Percentage Increase: 50%
2. 10GB Monthly Plan:
- Previous Price: ₦3,000
- New Price: ₦4,500
- Percentage Increase: 50%
These changes prompted concerns among subscribers, especially regarding the affordability of essential data services.
Glo Nigeria
Glo Nigeria adjusted its tariffs in compliance with the NCC’s directive:
1. 24GB Monthly Plan:
- Previous Price: ₦5,000
- New Price: ₦7,500
- Percentage Increase: 50%
2. 10.8GB Monthly Plan:
- Previous Price: ₦2,500
- New Price: ₦3,000
- Percentage Increase: 20%
Glo’s competitive pricing strategy, even after the increase, continued to attract budget-conscious consumers. This has caused many to migrate to this service provider despite the slow network connection.
9mobile
9mobile implemented notable adjustments to its data plans:
1. 22GB Monthly Plan:
- Previous Price: ₦5,000
- New Price: ₦7,500
- Percentage Increase: 50%
MTN Nigeria’s Apology and Acknowledgment of Customer Dissatisfaction
Following the substantial price hikes, MTN Nigeria faced significant backlash from its subscribers. In response, the company issued an apology, acknowledging the abruptness of the increases and admitting to errors in their implementation.
In a statement addressing their “₦2000 for 15GB digital bundle lovers,” MTN expressed: “You dey vex. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favourite digital bundle.”
The company further admitted, “We don cast. We get it and admit it. Let’s just say na mistake.”
This candid acknowledgment aimed to mend the strained relationship with customers, emphasizing their importance to the company. MTN concluded with a plea for forgiveness.
“In this love season, don’t stay angry with us. Please forgive and forget. You matter, die and we will never stop showing you how much.” Despite the apology, MTN did not indicate any plans to reverse or adjust the new pricing structure, as it still remains the same.
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