The Abuja Chamber of Commerce and Industry (ACCI) has noted that the recent increase in electricity tariffs is bad for businesses as it will affect them negatively, News About Nigeria reports.
The President of ACCI, Mr. Emeka Obegolu, said this on Saturday, stating that it could negatively impact the ease of doing business in Nigeria.
He mentioned that entrepreneurs and investors in the country are already faced with various challenges while trying to run successful businesses, adding that the increase in electricity tariffs can hinder these efforts by imposing additional financial burdens on businesses, especially SMEs.
According to him, small and medium enterprises (SMEs), which are crucial to the country’s economy, would be greatly affected by the hike in tariffs, maintaining that it will not be good as SMEs are the backbone of the economy.
“The ease of doing business is a critical factor 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 stated.
Obegolu further noted that it would hinder businesses’ ability to invest in innovation and expansion and impede their competitiveness in both domestic and international markets.
He also expressed concern that the tariff hike, combined with other economic challenges such as the removal of fuel subsidy and foreign exchange unification, could further compound difficulties faced by businesses.
He, therefore, urged relevant authorities to reconsider this decision and explore alternative solutions that prioritise the needs of businesses and support ease of doing business.
