Recent weeks have been challenging for SMEs, particularly artisans, due to power disruptions across Nigeria. Many businesses, including frozen food sellers and welders, faced losses and debts, forcing some to close.
Alhaja Abike Olurebi, a frozen food operator, described the situation as “hellish,” with goods spoiling due to power outages, leading to increased prices for consumers.
Welder Paul Noah lamented missed opportunities and reduced profits during the festive period, resorting to alternative income sources like commercial motorcycle operation.
Barber Mr. Samuel Ibitokun criticized electricity companies for issuing estimated bills despite irregular power supply, adding to the financial burden on businesses.
ASBON National President Mr. Femi Egbesola confirmed that over three months of power challenges have devastated businesses nationwide, particularly those reliant on electricity. He noted that about 8 million businesses have closed in the past year, affecting various sectors.
Egbesola highlighted the dire consequences of the power crisis, including increased unemployment, business closures, and erosion of investor confidence, leading to a potential rise in crime.
He warned that without urgent solutions, inflation will continue to rise, joblessness will increase, and legitimate businesses will suffer, while illegal activities may surge.
Egbesola urged the government to prioritize stable electricity supply to support economic growth and prevent further deterioration of Nigeria’s business environment.