part of the industrial, commercial, and domestic activities in the Nigerian economy, has sent chills and ripples throughout the economy, from manufacturing giants through medium-sized enterprises and small-scale organisations to individual homes that rely on it for power because of non-existent or epileptic electric power supply.
The debate about the cause of this scourge is raging. Some claim that it is because of the global energy crisis occasioned by the Russia-Ukraine war. Others argue that although the war in Europe may influence diesel prices in Nigeria, the effect alone should not have such an impact.
The social consequences of the harsh economic realities are enormous to contemplate. Soaring food prices as a result of rising fuel prices would ultimately lead to inflation. If furniture or smartphone prices rise, people can delay a purchase or forgo it. But they cannot stop eating. Likewise, increased transport costs affect most people and are inflationary by nature. This will further lead to a high cost of living and a lower standard of living.
We must acknowledge that the Russian–Ukraine war will continue in the immediate to probably medium-term. The demand for diesel will continue to increase, given the electricity providers’ poor power supply to both commercial and private users. Nigeria needs the energy to power its industrialisation in a world working hard to jettison carbon energy for clean and renewable energy.
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Source: LeadershipNGA - 🏆 4. / 77 Read more »