Nigerian businesses spend N5trn annually to generate power – NACCIMA

National Association of Commerce Industry Mines and Agriculture (NACCIMA), has lamented the high cost of generating power by businesses in the country.

Director-general of NACCIMA, Ambassador Ayoola Olukanni stated that majority of businesses in the country spend N5 trillion annually to generate own power. Specifically, he said, the $14 billion which translates to a whooping N5 trillion is expended on generators, maintenance and fuelling by private businesses.

“We spend about $14 billion annually on generators, maintenance and fueling in other to keep our business afloat,” he said. Such humongous cost, he regretted, is a big drain on resources and may be responsible for the dwindling fortunes of most businesses.

“Generally, the business environment in the country in the past 12 months was certainly not palatable, but things can be better. We have not gotten to where we are supposed to be, though we are heading towards where we can just say that things can be better.

“We need to look at alternative source of power, such as cost of purchase, maintenance and fueling of generating sets in the country for the purpose of electricity both for manufacturing and general consumption.” Olukanni charged the federal government to address the power situation squarely, said the cost expended on power generation was unbearable.

“If such amount is being dedicated to boosting business in the country and if the government gets the power situation right, then businesses would boom and we will become more competitive, especially now that we have signed the African Continental Free Trade Agreement (AfCFTA).”

-Leadership