Fuelled by the lingering ongoing fuel crisis and poor electricity supply in the country, the Small and Medium scale Enterprises (SMEs) and private sector operators have disclosed that they now spend double amount of money on petroleum products to power their generating sets in order to remain in business.
Specifically, the double payment on petroleum products is expected to have a significant impact on the already N2 trillion being spent by small and medium scale enterprises, banks, other corporate entities and traders across the country who have no other option but to rely on generators to run their businesses.
Already, the manufacturers revealed that the issue of petroleum products and electricity take 65 per cent of their profits every year. This situation is coming on the heels of lack of petroleum products fuel in most of the petrol stations across the country, as many businessmen and women resorted to patronizing the black market section to power their generating sets to be able to get means of livelihood and survival of their businesses.
Specifically, the SMEs and the manufacturing sector are the most hit in this period of lingering fuel scarcity which has taking toll on various businesses in Nigeria. Information from the Manufacturers Association of Nigeria (MAN) showed that the numbers of Nigerians using power generating sets
