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MSMEs have lost N30bn to fuel scarcity – ACCI

By on March 30, 2016

About N30bn has been lost by Micro, Small and Medium-scale Enterprises in the last 30 days owing to the persistent fuel scarcity being experienced across the country.

The President, Abuja Chamber of Commerce and Industry, Mr. Tony Ejinkeonye, gave the figure in a statement issued in Abuja on Monday.

He said that the money was lost by the MSMES as a result of their inability to get petroleum products to run their companies.

Ejinkeonye said, in the last one month, business activities had been stagnated because most filling stations had run out of supplies.

He said, “The Abuja Chamber of Commerce and Industry has made it clear to the government that the issue of unavailability of petroleum products and their importation portray our country in  a bad light.

“It shows us as incompetent managers of our resources. The NNPC, from the comments of its officials, may have given up. We may seriously need to divest our investment in the refineries. Businesses and our economy are being battered from all sides. Businesses, especially the MSMEs, have lost over N30bn through inadequate supply of petroleum products.

“Labour productivity is low as employees have stayed off work since the hike of fares by transport providers; and when they come, they are always late. The NNPC banned the use of jerry-cans to buy petrol without considering that most households and small businesses run on petrol generators.

“This has forced them to close shops. Buying with kegs is not the cause of scarcity, but inadequate supply of products.”

He called on the government to urgently address the fuel scarcity in order to stimulate economic activities.

 

[Punch]