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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.”

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