- Peter Obi warns that Nigeria’s persistent power outages and rising petroleum costs threaten to deepen poverty, particularly impacting small businesses across the Northern, Eastern, and South-South regions.
- He calls for urgent government action to address the energy crisis, citing Egypt’s successful power sector reforms as a model for sustainable solutions.
Former presidential candidate Peter Obi has raised alarm over Nigeria’s persistent power outages and escalating petroleum costs, warning that these issues could significantly worsen poverty in the country.
In a statement released on Sunday, Obi expressed deep concern about the detrimental effects of power failures, particularly on small businesses in the Northern, Eastern, and South-South regions, where some areas have been without electricity for days.
“The ongoing power outages are a grave concern,” Obi stated. He highlighted how these outages disproportionately affect small enterprises, which are crucial for economic stability and job creation.
“The negative impact of these continued outages, combined with the soaring cost of petroleum products, creates a lethal recipe for widespread business failure and increases in poverty levels across the nation,” he added.
Obi emphasized that the crisis is not just an inconvenience but a significant barrier to economic growth. He pointed to the conditions in the Northern states, where many communities have experienced total blackouts for extended periods. This, he noted, hinders the ability of small businesses to operate effectively, leading to lost income and layoffs, which contribute to the cycle of poverty.
Drawing comparisons to Egypt, Obi underscored that solving Nigeria’s energy crisis is achievable with the right investments and policies. He cited Egypt’s successful overhaul of its power sector, which has provided sustainable electricity to millions of small businesses. “Today, Egypt has revolutionized its power production, supporting over 90% of active enterprises that contribute more than 80% to its GDP,” he remarked.
In light of the ongoing challenges, Obi urged the Nigerian government to increase its efforts in finding both immediate and long-term solutions to the power crisis. He called for a strategic plan that not only addresses the current outages but also invests in infrastructure to ensure a reliable power supply in the future.
The urgency of Obi’s message is underscored by recent reports indicating that Nigeria’s national grid has collapsed eight times in 2024 alone, with significant outages occurring on October 14, 15, and 19.
Minister of Power Adebayo Adelabu attributed these frequent system failures to outdated infrastructure. Moreover, the Transmission Company of Nigeria reported a power outage affecting the northeast, northwest, and parts of the north-central regions due to a fault on critical transmission lines.
Obi’s plea reflects the growing frustration among Nigerians over energy reliability and the need for effective governmental intervention to safeguard the economy and support small businesses.