The Abuja Chamber of Commerce and Industry (ACCI) has voiced its apprehension regarding the recent surge in electricity tariffs, fearing its adverse effects on the business landscape in Nigeria,Daily Trust reports.
Mr. Emeka Obegolu, the President of ACCI, conveyed his concerns to the News Agency of Nigeria (NAN) in Abuja, stating that the tariff hike would have significant repercussions across diverse sectors of the economy.
Recognizing the existing challenges confronted by entrepreneurs and investors, Obegolu emphasized the detrimental impact the tariff increase would have on Small and Medium Enterprises (SMEs), pivotal to the nation’s economy.
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“The ease of doing business plays a pivotal role in fostering economic growth, attracting investments, and generating employment opportunities,” Obegolu remarked, underscoring the crucial role of SMEs in this regard. “However, the escalation in electricity tariffs threatens these endeavors by imposing additional financial burdens on businesses, particularly SMEs, which serve as the bedrock of our economy.”
Highlighting the indispensability of electricity for business operations, Obegolu warned that any disruptions or cost escalations in electricity supply could result in elevated operational expenses, hindering businesses’ capacity to invest in innovation and expansion, thereby compromising their competitiveness in both domestic and international markets.
Expressing further concern, Obegolu pointed out that the tariff hike, coupled with other economic challenges such as the removal of fuel subsidy and foreign exchange unification, could exacerbate the difficulties faced by businesses.
In light of these concerns, Obegolu urged the relevant authorities to reconsider the tariff increase and explore alternative solutions that prioritize the needs of businesses.
