The Abuja Chamber of Commerce and Industry (ACCI) in a release said the recent increase in electricity tariffs will stifle small-scale businesses and other enterprises in Nigeria.
Recall that the Nigerian Electricity Regulatory Commission, NERC, approved a tariff increase for Band A customers getting at least 20 hours of power supply barely a week ago.
ACCI’s president, Emeka Obegolu, in his reaction in an interview with NAN, said the hike would significantly have an effect on businesses across all sectors of the economy.
“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.
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 as the Band A customers only represents 15% of electricity consumers in Nigeria.
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