Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

SMEs are suffering due to Nigeria’s epileptic power supply – MAN

Chidinma Nwagbara by Chidinma Nwagbara
June 17, 2019
in Business News, MSME, Politics
Epileptic Power Supply
Share on FacebookShare on TwitterShare on Linkedin

The Manufacturers Association of Nigeria (MAN) has spoken out against the hardship Nigerian businesses (especially Small and Medium Scale Enterprises) are going through in recent times as a result of epileptic power supply.

While speaking during the 10th edition of the Environmental Safety Seminar, the MAN’s Acting Chairman at the Apapa branch, Mr. Joe Onyebu, disclosed that the drop in power supply over the last few months, among other issues, has become a huge challenge in the market.

Effect on SME’s and local industries: Onyebu explained that SME’s are the ones that are most affected by the problem.  Already, the epileptic power situation has caused quite a number of small businesses to close shop. And the effects are drastic, because not only are jobs lost, creditors such as banks and private equity investors are also subjected to share in the losses when they can’t get their money back.

RelatedPosts

Nigerian Stocks: List of Dividends announced in 2022

Wema Bank PLC to organize a webinar on renewable energy for SMEs

Onyegbu further explained that the high cost of running manufacturing plants on generators was one of the reasons most local companies have failed to be competitive and profitable as going concerns. He added that it is estimated that Nigerian companies incur added costs running into millions of naira in the course of having to power their facilities on generators.

On Bad Roads: Onyebu went further to comment on the deplorable states of Nigerian roads. According to him, the government needs to pay more attention to areas such as the Amuwo Odofin Industrial Axis, Mile 2- Coconut Road, Mile2- Kirikiri Road, Coconut to Liverpool Road, etc.

News continues after this ad


On taxation, he stated that Lagos State Environmental Protection Agency (LSEPA) has increased by over 150 per cent the environmental development levy and petroleum storage permit payable which has affected the manufacturers.

Why this matters: The MAN chairman has no doubt given useful pointers on the challenges facing the economy, especially as it relates to manufacturing and the running businesses. This matters because if these challenges are not fixed by the government, there will be continued hardship in the sector. This will, in turn, result in low output, low income and loss of jobs in the long run.

Therefore, the Government must work/improve on the power sector, enable convenient access to the ports and members’ factories, and harmonise all taxes and levies payable to governments. Doing these would make things easier for the sector.

News continues after this ad


Related

Tags: Lagos State Environmental Protection Agency (LSEPA)Manufacturers Association of Nigeria (MAN)Nigerian Business NewsSmall and Medium Scale Enterprises (SMEs)SMEs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • NGX closes negative with the market cap down by N20 billion 
    • FG asks students to sue ASUU over strike, insists lecturers won’t be paid during the period
    • Hackers exploiting stolen cookies to attack corporate organisations – Report

    Follow us on social media:

    Recent News

    Weekly Stock Update: Nigerian local bourse’s ASI depreciates by 0.22% w-o-w

    NGX closes negative with the market cap down by N20 billion 

    August 18, 2022
    FG to review January 18 resumption date for schools across the country

    FG asks students to sue ASUU over strike, insists lecturers won’t be paid during the period

    August 18, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com