Since the inception of the new government in Nigeria, it has been a frenzy of one dumbfounding move after the other. From the removal of fuel subsidy to over a hundred percent increase in the salary of elected government officials, to an increment in electricity tariff. On the first of July 2023, One thousand Naira would be worth exactly ten units. Ten units are not set to power a small apartment for two whole days. This imminent development is worrisome and I can only imagine how bad the ripple effect is going to be. This is a huge blow, some hot salt on the injury of a people already grappling with a stifling degree of poverty.
The recent decision by the authorities to increase electricity tariffs for all consumers has sparked heartfelt concerns about the ability of the people to access essential amenities supported by the availability of electricity.
With a good number of the Nigerian population already living below the poverty line, this surge in electricity tariffs will affect every segment of society the hard way. We are already struggling to meet basic needs and secure a livelihood in an environment that moves in constant opposition. The rise in tariffs will inevitably burden the people with additional expenses, further straining our already limited resources.
Impacts on Commerce and Economic Growth
It feels like I’m preaching to the choir when I say that the exorbitant electricity tariffs pose a significant threat to Nigeria's economic growth. A robust and reliable power supply is a crucial catalyst for industrialization, civilization, fostering entrepreneurial activities, and day-to-day running of our daily lives. The cost of production for businesses will inevitably soar, directly impacting their competitiveness in the global market. Consequently, the currency further devalues, foreign investments are discouraged, and economic activities will reduce.
Electricity is the life of modern society. It provides indispensable amenities that are necessary for having a decent quality of life. The crazy thing is, we don’t even get enough of it. We have to deal with issues like load shedding where we endure prolonged power outages, resulting in disrupted routines and comfort. Access to reliable electricity is crucial for powering homes, hospitals, schools, and businesses, and generally leading productive lives. I can’t help but feel that this increase in tariffs, will only work to push Nigerians further into a cycle of depravity.
Conclusion
We are about to witness what would be a horrific electricity crisis. This is nothing but a grave threat to the economic situation and growth prospects of citizens already burdened by hardship all die to poor governance. I’m not sure how businesses would survive this. There is already a hike in the cost of living due to the removal of fuel subsidies, now we’re about to witness version 2.0. This means that the cost of every business powered by electricity will go up. This means a robust increase in house electricity bills to keep the lights on and preserve our food.
At this point, discussions on solutions and means for improvement barely matter because this is not a question of not knowing what to do, but of sheer wickedness and refusal to care for the public's interest. I believe efforts should be made to promote renewable energy sources. Nigeria possesses immense potential for solar, wind, and hydroelectric sources of power supply, which, if rightly tapped into, could provide affordable and sustainable electricity to her people.
Moving On
We Nigerians are great at picking ourselves up and forging ahead. This is both a curse and a blessing. We don’t stay beaten down, we find ways to raise communities and push ourselves forward. Consequently we find ourselves in a hopeless loop of survival.
We deserve better!
Thank you for reading. ❤️
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