A former chairman of Manufacturers Association of Nigeria (MAN) in Ogun State, Wale Adegbite, declared that the new increment in electricity tariff will have consequences.
He told Nigerians to expect a hike in prices of goods. The implementation of the new Service Reflective Tariff Plan commenced September 1.
The increment ranges from 60 percent in Ikeja, to 73 per cent in Abuja, and 78 per cent in Enugu. Adegbite stated that the tariff increase was not justifiable. He explained that electricity was a significant input in the production process.
“The development will eventually lead to increase in prices of goods produced by manufacturers, which will automatically result to increase in inflation.”
Adegbite urged the federal government to assist manufacturers to thrive. He noted that players have endured numerous challenges already.