The Organised Private Sector in Nigeria (OPSN) has stated that the recent increase in energy tariffs may cause more than 65 percent of the country’s firms to close, and has urged the federal government to reverse the decision.
This was revealed in a positional statement addressed to President Bola Tinubu yesterday, sighted by Vanguard, OPSN, which comprises of the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), National Employers Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI), and National Association of Small and Medium Enterprises (NASME), entitled, “Preliminary
The group went on to say: “Clearly, with the new tariff of N225/kwh, Nigeria now ranks third after Germany and the United Kingdom on the list of countries with high electricity costs.” What is most concerning about the Nigerian situation is that the electricity to be supplied is inadequate.
Electricity tariff
“In addition, the growth coincides with macroeconomic instability, infrastructure shortfalls, and other supply-side limitations that limit the productive sector’s performance.
“Truth be told, over 65 percent of private businesses, especially manufacturing concerns and SMIs, may be forced to close down due to the high electricity tariff.”
Source: Vanguardngr.com
