Hike electricity tariff killing our businesses, NASSI cry out

The Nigerian Association of Small-Scale Industrialist (NASSI) has lamented that the recent hike in electricity tariff has started killing their businesses and further creating unexpected business woes across the country.

The tariff upsurge, the association said, poses significant threat to the survival and growth of small-scale industries across the nation.
In a Statement by the National President of NASSI, Dr. Solomon Vongfa Daniel which was sent to CAPITAL POST in Abuja on Friday, he said the recent increase in tariff was injurious, even as businesses

The statement said: “Many of our members are already struggling with rising input costs and challenging economic climate. This additional burden threatens to push many of them out of business altogether.

“The development has reduced profitability and the costs will directly eat into already tight profit margins, jeopardizing the financial sustainability of small businesses.

“The small businesses are experiencing production cutbacks as in managing costs, some businesses may be forced to reduce production, leading to job losses and decreased output.

The additional financial strain will hinder the ability of small businesses to invest in expansion or modernization, hindering overall economic growth.”

The Assocaition has called on the Federal Government to intervene by way of providing subsidies and tax holidays to support small businesses during this difficult time, so that there can come on stream in the interest of the nation.

The statement added: We encourage the government to invest in renewable energy sources and promote energy efficiency measures to create a more sustainable and affordable electricity supply.

We call for open dialogue with policymakers and stakeholders to explore solutions that address the concerns of small businesses and ensure a stable and affordable electricity supply for all Nigerians.”

NASSI also expressed commitment to supporting its members and advocating for policies that promote a thriving environment for small-scale industries, urging government to take urgent action to address the critical issue electricity tariff and ensure the continued success of this vital sector of the Nigerian economy.