Power Shortage Drives Companies Away From Nigeria

Unless the Federal Government finds an urgent solution to the epileptic state of power supply in the country, more multinational companies may dump Nigeria for other African countries

with better business climate, manufacturers and captains of industries have warned.

This warning was in spite of the $16 billion which a House of Representative probe said the former President Olusegun Obasanjo administration committed to the provision of electricity in the country between 1999 and 2007.

It is also coming 22 months into the administration of President Umaru Musa Yar’Adua, on top of whose Seven-point Agenda the provision of power stands.

In separate interview with newsmen at the weekend the manufactures bemoaned the colossal extra cost they bear on their production activities due to unavailability of electricity supply by government.

Mr Simeon Okoro, president of Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture said, the nation’s erratic power supplies has constituted great drawback to both the small scale entrepreneurs and large scale manufacturers whom, he said, have kept closing their shops.

“You know the economy hinges on power. Nothing can be done without electricity as barbers, carpenters and the likes use the facility. It is basic to whatever we do, The negative impact is indeed unquantifiable,” Okoro said.

The NACCIMA boss warned that more companies especially multinational firms were leaving Nigeria for countries like Ghana, South Africa and other places with the right business environment.

According to him, industries are losing heavily as they spent a lot of money purchasing diesel and servicing their plants and generators.

The president, Institute of Directors, Chief Olusola Dada described the state of power supply in the country as worrisome and said it required urgent attention.

He blamed corruption for the poor state of power supply, adding that hiring the right job would go a long way in addressing the problem.

Similarly, Mr Michael Adeyemo, managing director of Funman Group, manufacturers of juice drinks lamented that 95 per cent of his company’s production was done on power from generator

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