THE Labour Party (LP) presidential candidate for 2023, Peter Obi, has warned that persistent power outages in various regions of Nigeria, combined with rising costs of petroleum products, could drive many entrepreneurs out of business and worsen poverty levels across the country.
Several Northern states have been experiencing power outages for days due to vandalism of the Shiroro-Mando transmission line.
The Transmission Company of Nigeria (TCN) has announced that efforts are underway to restore electricity.
In a post on X (formerly Twitter) yesterday, the former governor of Anambra State expressed that the ongoing power outages are a significant concern.
“The adverse effects of these power outages on businesses, especially small enterprises reliant on public power supply for their operations, are beyond comprehension.
“This power crisis, coupled with the soaring costs of petroleum products and a challenging operating environment, creates a dangerous situation for widespread business failures and increasing poverty in the country,” Obi stated.
He emphasized that addressing Nigeria’s power and energy crisis is achievable, citing examples from peer nations that have successfully provided sustainable power to their citizens.
“Our African neighbor, Egypt, for instance, has made significant investments in its power sector, resulting in the establishment of a reliable power infrastructure through numerous power stations.
“Today, Egypt has transformed its power and energy production system, offering reliable electricity to millions of small businesses, which represent over 90% of active enterprises and contribute more than 80% to their GDP,” he noted.
Obi urged the government to intensify efforts and implement both immediate and long-term solutions to this pressing challenge.