OPSN decries electricity tariff hike, alleges 65% private entities could shut shop

The Organized Private Sector (OPSN) raised concerns over the new tariff of N225/kWh for Band A electricity customers, saying that over 65 per cent of private businesses, especially the manufacturing sector and SMEs, may be forced to close down due to the high electricity tariff. The Association called for the suspension of new tariff implementation to enable all stakeholders to have meaningful dialogue around the process and methodology of determining electricity tariffs and jointly agreeing on the transparent mechanism required for tariff setting. It said Nigeria now ranks third after Germany and the United Kingdom on the list of countries with high electricity costs. The Association, comprising top Business Membership Organizations (BMOs) Manufactures Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small-Scale Industrialists (NASSI) and Nigerian Association of Small and Medium Enterprises (NASME) representing more than five million businesses in Nigeria stated this in a joint release.