- The ACCI President warns that the recent electricity tariff surge could severely impact businesses, especially SMEs, hampering economic growth
- Emphasizing the importance of a conducive business environment, Obegolu urges authorities to reconsider the tariff hike for sustainable development
The Abuja Chamber of Commerce and Industry (ACCI) has voiced apprehension regarding the recent surge in electricity tariffs, warning of its potential adverse effects on the business landscape in Nigeria.
According to Mr. Emeka Obegolu, the President of ACCI, the tariff hike poses a significant threat to businesses across various sectors, particularly impacting small and medium enterprises (SMEs), vital contributors to the economy.
Obegolu emphasized that the ease of doing business is pivotal in driving economic growth, attracting investments, and generating employment opportunities. However, the increase in electricity tariffs adds a considerable financial burden, hindering businesses’ ability to thrive.
Highlighting the crucial role of electricity in business operations, Obegolu underscored that any disruptions or cost escalations in electricity supply could result in higher operational expenses, impede investment in innovation and expansion, and compromise competitiveness in local and global markets.
Moreover, Obegolu expressed concern that the tariff hike and other economic challenges such as the removal of fuel subsidies and foreign exchange unification could exacerbate the difficulties businesses face.
In light of these challenges, Obegolu urged relevant authorities to reconsider the tariff increase and explore alternative solutions that prioritize the needs of businesses, ensuring a conducive environment for sustainable growth and development.
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