Power and Infrastructure Q2 Report

In the first quarter of 2021, we saw the announcement of a number of new projects and initiatives such as the N5 million Solar Connections Program, the commissioning of Evercare Hospital, and the establishment of the Infrastructure Corporation of Nigeria Limited. The second quarter of 2021 sustained the same trajectory with the National Bureau of Statistics reporting that the gross domestic product (GDP) of the Nigerian economy grew by 5.01% in real terms and thus marked the third consecutive quarter of growth since the Covid-19 related restrictions had been put in place. Particularly, the electricity sector recorded a 78.16% year-on-year real GDP growth in the second quarter of 2021, by far the highest growth rate among the any other sectors during the review period. When compared to the first quarter of 2021, the electricity sector thus grew by 264.23% to a real aggregate of N134.19 Billion in Q2 2021 as opposed to N36.84 Billion recorded in Q1 2021. In this newsletter, we highlight some of the recent power & infrastructure sector developments for the 2nd quarter of the year.

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