National Grid Collapses, Diesel Price Increase Worsen Plights of Businesses in Nigeria
- The national grid collapsed and the increase in diesel price did not just plunge the country into darkness but have left business owners burnt out
- Many small business operators consider shutting down due to the high cost of doing business in the country
- The power grid collapsed twice in two days, leaving Nigerians and businesses feeling on edge as the cost of production skyrocket
The national power outage caused by the collapse of the national grid and the hike in diesel prices has piled pressure on the fragile business climate in Nigeria.
Many small business owners who spoke to Legit.ng have said they are either considering packing up or suspending activities until there is an improvement in the power generation of a reduction in diesel price.
Source: Getty Images
Critics speak out
Femi Aribisala, a social critic, said businesses in Nigeria are grinding to a halt under Buhari and his APC cronies. The national power grid has collapsed, and diesel now sells at N700 per litre.
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Chinelo Ifedimma, a boutique owner in the Ogba area of Lagos, told Legit that she has been cutting costs because of the ongoing power outage and the skyrocketing price of diesel
Business owners on edge
Ifedimma said:
“When the fuel scarcity was serious, I shut down my business for five days because I cannot afford diesel above N400 per litre. And now that it is selling about N600, how can I operate, I hear that there is a national power outage caused by grid collapse."
She said that many of her colleagues in the business have also closed shops waiting for improvement in diesel price or a general improvement in power supply.
The only people operating now are those selling food items of anything edible, Ifedimma said.
Justin Banwo, an electronics dealer, said his plight is not just power but access to funding, saying that any funding he gets goes into powering his generators and paying electricity bills.
Banwo said
“That makes me question if I want to continue doing this business or not. Even if you’re doing any business that has little reliance on power, you will still need electricity somewhat to power your gadgets at home and offices.”
On Tuesday, March 15, the national grid collapsed, plunging the entire country into darkness. It collapsed a second time in 24 hours leaving Nigerians bearing the brunt.
Barely 24 hours after it was restored national grid packs up again
Legit.ng has reported that the national electricity grid on Tuesday, March 15, collapsed within 24 hours after it was restored, Daily Trust reports.
It was gathered that the national grid shut down between 5 pm and 6 pm on Tuesday, March 16, causing a widespread power outage across the country.
The national grid had earlier dropped from 3,000 megawatts to 1,758MW, leaving just 12 Generation Companies (Gencos) operating.
Also, the current challenges of electricity supply in Nigeria are being resolved with the ongoing restoration of normal operations, the minister of power, Abubakar Aliyu.
Early in the week, the national grid suffered a decrease in electricity due to so many factors. However, more of the power is being restored.
Source: Legit.ng
