Yes electricity cheap but what about cost of maintenance, and cost of getting this mining equipment first. When person consider all the funds you gaz get to start up mining compared to wetin fit burst out for you, if normally you just buy Bitcoin with that money, them go obviously choose trading over mining.
Labour in Nigeria is cheaper than that of United States. The purchasing power parity (PPP) in United States is higher than that of Nigeria. Because of these, bitcoin mining in Nigeria should be more profitable. But what I think the issue is, is the poor electricity which can discourage Nigerians to start mining. But if some people have started mining in the CPU days, there would be a way to it because there are areas in Nigeria with constant electricity as bad as electricity supply still is in Nigerians, these kind of early adopters would make more research and continue mining bitcoin. Although, how Nigeria government would react to this if Nigerians are mining bitcoin is excluded, because they may or may not come with a law that will make mining favours bitcoin miners in our country if public electricity is used.
But in the case of Nigeria, electricity can be said to be cheap because of poor power supply, and if by chance you want to get a steady supply for mining purposes for example, i am pretty sure you will pay extremely high fees.
The electricity usage is in
U.S. dollars per kilowatt hour. Also likely prepaid plan would be used for the calculation.
The last point is what every investor compulsorily checks before establishing a firm. Nigerian government can make some non business friendly laws. But when it is crypto, any country can do it. We expected that China will be safe and there was some level of concentration in China, what finally happened is a story. Any government can do anything against crypto at anytime.
I do not think it is the issue by our government, even before the CBN crypto ban, it has been happening like that. Only few countries are miners congested. Like I have mentioned before that mining is not Nigerian thing. We were not early adopters and when miners are using sophisticated miners, issue of poor electricity may be the cause of the reason. In a country there is poor electricity, miners are discouraged to establish in such country, just like ours.