The Abuja Chamber of Commerce and Industry, ACCI, says the recent increase in electricity tariffs will stifle small-scale businesses and other enterprises in Nigeria.
Recall that on Tuesday last week, the Nigerian Electricity Regulatory Commission, NERC, approved a tariff increase for Band A customers getting at least 20 hours of power supply.
However, ACCI’s president, Emeka Obegolu, in his reaction in an interview with NAN, said the hike would significantly impact businesses across various sectors of the economy.
Obegolu acknowledged the challenges already faced by entrepreneurs and investors and opined that small and medium enterprises (SMEs), which are crucial to the economy, would be greatly hit by the tariff hike.
“The ease of doing business is critical for fostering economic growth, attracting investments, and creating job opportunities.
“Regrettably, the increase in electricity tariffs can hinder these efforts by imposing additional financial burdens on businesses, especially SMEs, which are the backbone of our economy,” he said.
The Trade Union Congress, Nigeria Labour Congress, Lagos Chambers of Commerce, Centre for the Promotion of Private Enterprises and other organizations have kicked against the new tariff hike.
However, the Nigerian Government explained that the hike would save the country 52 per cent of electricity subsidy.
The Government added that 85 per cent of electricity customers will still get electricity subsidies.
