Peter Obi, the Labour Party presidential candidate, warns that ongoing power outages and rising petroleum costs could significantly increase poverty in Nigeria. He emphasizes the severe impact on small businesses, particularly in Northern and Eastern regions, highlighting the urgent need for government intervention to support economic stability.
In a recent statement, Peter Obi, the Labour Party's presidential candidate in the 2023 elections, warned that ongoing power outages and soaring petroleum prices could exacerbate poverty in Nigeria. He expressed his concerns in a post on X, where he emphasized the severe impact of these issues on businesses, particularly small enterprises that rely on stable electricity for their operations.
Obi highlighted the alarming situation in northern Nigeria, where some regions have experienced total blackouts for days, severely disrupting economic activities. He noted that the persistent lack of power is a critical concern for both entrepreneurs and consumers alike, as it jeopardizes the livelihoods of many who depend on public electricity.
"The ongoing power outages, especially in the Northern and Eastern states, along with the escalating costs of fuel, create a toxic environment for businesses," Obi stated. He pointed out that this crisis is not only detrimental to business sustainability but also poses a significant risk of widespread poverty, as the combination of unreliable power and high fuel prices can lead to numerous business failures.
Obi’s remarks underscore the urgent need for comprehensive solutions to tackle the power crisis and its implications for Nigeria's economy, urging the government to take immediate action to alleviate these challenges and support small businesses at risk of collapse.
