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Welcome to our channel, Channels Television! We bring you the top news and updates from Africa. Stay informed with our breaking news and in-depth reports. In this video, we discuss the proposed electricity tariff hike in Nigeria and its impact on businesses, particularly the manufacturing sector. We have two experts joining us to shed light on this issue: Mr. Shakua Academy, Director General of the Manufacturers Association of Nigeria, and Mr. Chuck Sawani, MD CEO of Kessington Energy Unlimited.
**Timestamps:**
00:00 – Introduction
00:35 – Proposed electricity tariff hike
02:12 – Impact on manufacturing sector
03:45 – Cost of alternative energy sources
05:20 – Effect on competitiveness and capacity utilization
07:03 – Challenges for small and medium-scale enterprises
08:25 – Current economic factors complicating the situation
09:58 – Lack of consultation with stakeholders
The proposed electricity tariff hike has stirred controversy among businesses and consumers. According to Mr. Academy, manufacturers have received notices from distribution companies about a possible 40% increase in tariffs, citing the fluctuating exchange rate as the reason. Although there is still no definitive approval, the manufacturing sector is already concerned about the potential impact on their cost structure, as electricity constitutes a significant portion of expenses.
Manufacturers in Nigeria already face challenges due to unreliable power supply. With inconsistent electricity from the national grid, many businesses have resorted to using diesel generators. However, the recent increase in diesel prices has further amplified the burden on manufacturers. This situation not only affects their competitiveness in terms of pricing but also hampers their capacity utilization.
The manufacturing industry heavily relies on electricity to operate efficiently, and the scarcity and poor quality of supply disrupt production schedules and hinder planning. Additionally, the rising cost of diesel makes it an impractical alternative for many businesses. This tariff hike, if implemented, could potentially force numerous small and medium-scale enterprises out of business, worsening an already difficult economic climate.
Furthermore, the lack of consultation with stakeholders, including manufacturers, has raised concerns about the decision-making process and the transparency of the tariff hike. Businesses expected to be involved in these discussions to ensure their perspectives are considered.
Stay tuned for more updates on this issue and other important news in Nigeria. Subscribe to our channel and follow us on our social media platforms for the latest updates.
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