The Nigerian Association of Small-Scale Industrialists (NASSI) has expressed deep concern over the recent increase in electricity tariffs that is threatening the survival of its members
A statement by issued on Friday by the National President of NASSI, Chief Dr. Solomon Vongfa Daniel indicated that the hike poses a significant threat to the survival and growth of small-scale industries across the nation.
“The recent increase in electricity tariffs is a major blow to small-scale businesses in Nigeria. Many of our members are already struggling with rising input costs and a challenging economic climate. This additional burden threatens to push many of them out of business altogether.”
According to him increased electricity costs will directly eat into already tight profit margins, jeopardizing the financial sustainability of small businesses.
In a bid to manage costs, some businesses may be forced to reduce production, leading to job losses and decreased output.
“The additional financial strain will hinder the ability of small businesses to invest in expansion or modernization, hindering overall economic growth.
NASSI urged the government to consider providing targeted subsidies or tax breaks to support small businesses during this difficult time.
“We encourage the government to invest in renewable energy sources and promote energy efficiency measures to create a more sustainable and affordable electricity supply.
The association calles for open dialogue with policymakers and stakeholders to explore solutions that address the concerns of small businesses and ensure a stable and affordable electricity supply for all Nigerians.
“NASSI remains committed to supporting its members and advocating for policies that promote a thriving environment for small-scale industries.
“We urge the government to take urgent action to address this critical issue and ensure the continued success of this vital sector of the Nigerian economy.”