See when, why as national grid collapses again, US billionaire ready to help

• For the 10th time in 2024, and the third time in three days, the national grid has collapsed, plunging the entire country into darkness
• Electricity companies announced the collapse in messages posted to their social media accounts for customers
• A foundation backed by the world’s second-richest man, Jeff Bezos, has offered a ray of hope for Nigerians as it plans to invest

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.

A check on the Nigerian System Operator’s portal (niggrid.org), showed that power generation dropped to zero megawatts at 11:30 a.m., affecting generation companies across the country.

National Grid collapses again Photo credit: George Osodi
Source: Getty Images

Some electricity distribution companies corroborated this on their social media platforms

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

Although the Transmission Company of Nigeria (TCN) is yet to comment on the most recent grid disturbance, Thursday’s development adds to the growing cases of grid collapses in the country.

On Tuesday, several parts of Nigeria were thrown into blackouts after the system experienced a collapse. Millions of homes were without power until it grid was restored.

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

Meanwhile, a consortium supported by key personalities such as the Rockefeller Foundation and the Bezos Earth Fund is ready 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 unstable national grid.

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Source: Legit.ng