ECCIMA says new power tariff is suffocating businesses

The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) on Tuesday, urged the Federal Government to redress issues around the new power tariff structure for survival of businesses.

The President of the Chamber, Rev. Ugochukwu Chime, made the appeal after inspecting exhibitors’ stands at the ongoing 27th Enugu International Trade Fair.

The ongoing Fair, being organised by ECCIMA has theme: “Diversification of Nation’s Economy: From Rhetorics to Coordinated Action’’.

The chamber’s boss noted that there was no way investors in the power sector could recoup their investments within a short time frame, without possible collapse of the industrial sector, especially cottage businesses.

“The new power tariff is suffocating businesses. It is very difficult for this new tariff regime to be sustainable for the survival of businesses, especially budding businesses.

“The Enugu Electricity Distribution Company (EDDC) tariff is typical, as it has been difficult for businesses to continue their operations under the new tariff.

“There are other windows of opportunity for the electricity companies to explore than trying to snuff life out life of the existing businesses.

“Rather than fleece the citizens; investors in the power sector, should approach the venture capital firms to raise capital for their effective operation.

2They should carry out due diligence projection of recouping their invested capital over the years,’’ he said.

Chime, then called on the Federal Ministry of Power to urgently convene a stakeholders’ forum to save the worrisome situation.