CPPE Warns Energy Price Surge Threatens Nigerian SMEs

The Centre for the Promotion of Private Enterprise (CPPE) has issued a warning regarding the recent surge in energy prices, stating that it poses a significant threat to the survival of small and medium enterprises (SMEs) in Nigeria. Dr. Muda Yusuf, the Chief Executive Officer of CPPE, highlighted that the rise in energy costs is exacerbating the already challenging macroeconomic conditions faced by Nigerian businesses.

The organization emphasized that if urgent measures are not taken, the increased operational expenses could weaken the sustainability of SMEs, which are particularly vulnerable due to their limited financial buffers. The CPPE advises businesses to review their pricing strategies and adopt stronger financial management practices to cope with the rising costs.

Additionally, the Nigerian Labour Congress reported a rise in petrol prices from N1,230 to N1,300 per liter, further stressing the need for the federal government to invest in Nigeria's gas infrastructure amidst ongoing global oil price fluctuations.