Saturday, October 25, 2025
24.1 C
Lagos

Nigeria Losing N5.6bn Per Day over Fuel Crisis

Nigeria is losing over N5.6 billion per day in terms of productivity over the lingering fuel crisis in the country.

The problem is further compounded by lack of regular power supply, making if rather difficult for businesses to operate optimally.

The grim picture was painted yesterday by a prominent financial analyst during a chat with Business Journal in Lagos. He however, requested for anonymity.

The analyst said: “The persistent fuel crisis is having a negative impact on productivity and the general economy in the country, to the extent of over N5.6 billion in losses daily. Indeed, what makes the situation very difficult is the lack of regular power supply, meaning that businesses have no access to official source of power and also cannot purchase fuel to run their generators.”

He called on the federal government to speed up efforts on power reform while making fuel available as alternative power source to avoid total collapse of businesses operating in the country.

“This is not the best time to run a business in Nigeria. The earlier the federal government takes urgent action to ensure regular power supply in the country, but more importantly, regular availability of fuel, the better. l foresee many businesses going under very soon if the situation does not improve rapidly going forward.”

spot_img
spot_img
spot_img

Hot this week

Tinubu Sacks Service Chiefs

President Bola Ahmed Tinubu has sacked the service chiefs...

Equity Trading on Nigerian Exchange Surges 115% as Reforms Draw Foreign, Domestic Investors

Transactions by domestic and foreign investors on Nigerian Exchange...

Stanbic IBTC Insurance Unveils Manifold Endowment Plan to Stakeholders at Media Engagement

L-R: Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance; Wole...

Stanbic IBTC Pension Managers Champions Flexible Pension Options for Nigerians at Home, Abroad

Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic...

Lasaco Assurance Reports N13.19bn Claims Payment, 25% Revenue Growth in 2024

L-R: Deputy Managing Director, Corporate Service, Lasaco Assurance Plc,...

Topics

uTracka Raises Alarm over N100bn Constituency Projects in 2018 Budget

Tracka, a transparency platform which allows citizens to collaborate,...

Bosch, P&G, Maersk Boost FDI in Nigeria with $3bn

Procter & Gamble, AP Moeller-Maersk A/S, the world's largest shipping container line, and German company, Bosch have announced plans to increase their investments in Nigeria as they seek to expand their operations. Procter and Gamble recently invested an additional $300 million for the expansion of its manufacturing plant in Agbara Industrial estate in Ogun State. P&G’s President for India, Middle East &Africa, Mohammed Samir, said the company’s commitment to growth and development of Nigeria is reflected in its continued investment in the country.

Siemens Launches FABRIC – Model for Future African Smart Cities

Siemens launched an extraordinary data visualisation project called FABRIC...

Stanbic IBTC Bank Partners Lagos State on Water, Sanitation Infrastructure Funding Summit

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions,...

The 6th BusinessToday Annual Conference in Lagos

L- R: MD/CEO, Universal Insurance Plc, Benedict Ujoatuonu; MD/CEO,...

Ethiopian Wins African Airline of the Year 2017 Award

Africa’s largest airline group, Ethiopian Airlines, is delighted to...

Worldwide PC Shipments Declined 7.7% in Qtr 3 2015

Worldwide PC shipments totaled 73.7 million units in the third quarter of 2015, a 7.7 percent decline from the third quarter of 2014, according to preliminary results by Gartner. Desktop PCs continued to show weakness with a high single digit decline, while the segment that combines notebook PCs and premium ultramobiles (such as the MacBook Air and Microsoft Surface Pro) recorded a low single digit decline.

Big Barrels: Narrative on Africa’s Oil & Gas Stirs Global Market

A year after its release, the global momentum created...
spot_img

Related Articles

Popular Categories

spot_imgspot_img