The Abuja Chamber of Commerce and Industry (ACCI) has voiced its worries about the recent rise in electricity prices, highlighting potential threats to the long-term viability of businesses.
In a conversation with the News Agency of Nigeria (NAN) in Abuja, ACCI President Mr. Emeka Obegolu expressed concerns that this increase would adversely affect businesses throughout different sectors of the economy.
He noted the existing difficulties entrepreneurs and investors are grappling with and suggested that Small and Medium Enterprises (SMEs), vital to the economic fabric, would suffer considerably due to the increased tariffs.
The president stated that the rise in tariffs would obstruct the ability of businesses to invest in new technologies and growth, and it would affect their competitive edge in local and global markets.
He further mentioned worries that the increased tariffs, along with other economic hurdles like the elimination of fuel subsidies and the consolidation of foreign exchange rates, might exacerbate the challenges encountered by businesses.