Another (Maybe) Goodbye to Generators in Nigeria
Nigeria’s electricity industry has been plagued with power cuts for years. “So why don’t we use this to power our own electricity… many Nigerians cannot really afford to set up their own solar systems. They can’t afford the start up cost, so most people would rather go for generators which is not economical when you think of maintenance costs,” Alagbe said. The idea behind blockchain paymentsThe aim is for customers to purchase tokens in the local naira currency using the platforms of third party tech finance companies. “It provides transparency, you can see the utilization of funds, how many systems we have purchased and how many are being used. The tokens used have been built on the blockchain platform, Ethereum. On a traditional service using fossil fuels, energy usage is around 70 Nigerian naira ($0.19) per kilowatt. But the blockchain system is 50 percent cheaper than diesel,” claims Alagbe because the expensive maintenance costs of generators is mitigated.