High cost of petrol, power outages recipe for business failure, poverty — Peter Obi

The 2023 presidential candidate of the Labour Party (LP), Peter Obi, says the constant power outages in many parts of Nigeria and the expensive cost of petroleum products may push many entrepreneurs out of business and sink more Nigerians into poverty.

Many Northern states have been thrown into a blackout for several days now as a result of vandalism of the Shiroro-Mando transmission line. The Transmission Company of Nigeria (TCN) said work has commenced to restore power.

In a Sunday post on X (formerly Twitter), the former Anambra State governor said the continued power outages in many parts of the country “have remained a cause of grievous concern”.

“The negative impact of the continued power outage on businesses, especially small businesses, who depend primarily on public power supply to sustain their businesses as a means of livelihood, is unimaginable.

“This power crisis, when combined with the present high cost of petroleum products and a harsh operating environment, remains a lethal recipe for widespread business failure and increasing poverty in the country,” Obi said.

He said solving Nigeria’s power and energy crisis is not rocket science as many of Nigeria’s peer nations have demonstrated the possibility of sustainable power for their citizens.

“Our African neighbour, Egypt, for example, invested aggressively in their power sector, which resulted in the establishment of a sustainable power infrastructure by way of many power stations.

“Today, Egypt has revolutionized power and energy production in the country, providing sustainable power to millions of small businesses, which account for over 90% of active enterprises in the country and contribute to over 80 per cent of their GD,” he said.

Obi called on the government to ramp up efforts and provide immediate and long-term solutions to the challenge.