Stakeholders in business, yesterday, said fixing unstable power supply, bridging infrastructure gaps and creating an enabling environment are fundamental to business and economic development in 2019. The experts expressed their views in an interview with the News Agency of Nigeria (NAN) in Lagos. Mr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI), said the provision of stable power remains at the heart of ease of doing business in the country, as the power challenge impacts adversely on productivity.
“Reports from various companies reveal that they spend as much as 20-25 per cent of their total operating cost on the provision of alternative power and payment to DisCos. “This is not sustainable for most businesses and constitutes a threat to growth and development of not just businesses but the economy also,” he said. The LCCI boss acknowledged the efforts of the government in addressing the perennial power supply shortage and a deeper commitment to alternative sources of power, including off-grid initiatives.
He, however, said that the government should improve its efforts in the power sector and also intensify efforts to improve infrastructure in order to attract more investments and reduce risks associated with investing in Nigeria.