Nigeria’s Chronic Power Shortages Threaten Business Competitiveness, LCC Warns
By Naija Enquirer Staff
The Lagos Country Club (LCC) has raised concerns over Nigeria’s decades-long electricity shortages, warning that businesses are struggling under an “electricity drought” that threatens their competitiveness.
At the LCC Business Forum 2.0 in Lagos, themed “Inflation, Cost of Living and Consumer Purchasing Power: Adaptive Strategies for Nigerians”, the club urged the private sector to step up investment in local manufacturing and engage policymakers to address structural bottlenecks such as high energy tariffs and chronic power shortages.
Dele Oye, Chairman of the Alliance for Economic Research and Ethics, noted that private sector resilience has been the driving force behind recent economic stability, rather than government policies. He stressed that businesses must confront challenges such as costly electricity, poor infrastructure, and unfavorable policies to avoid worsening economic pressures.
“If you don’t talk, one day you won’t be able to pay your membership,” Oye remarked, emphasizing the urgency for active intervention by industry players.
Highlighting the Dangote Industries model, Oye said, “Despite inflationary pressures and high borrowing costs, companies like Dangote have invested strategically, creating value and stability. The private sector must emulate such initiatives.”
Dr. Paul Alaje, Chief Economist and Partner at SPM Professionals, recommended prioritizing supply-side solutions to sustainably curb inflation, noting that reliable power remains key to industrial revival. “No matter what we do, if energy is not there, we cannot address inflation in the long term,” he said.
LCC President, Seyi Adewunmi, explained that the forum provides a practical platform for business leaders to strengthen financial resilience and competitiveness. “Behind every inflation index is a family striving to stretch its income, a small business fighting for survival, and a nation yearning for stability,” he said.
The LCC emphasized that the private sector must be assertive, invest strategically, and adopt the Dangote model of backward integration and resilience to overcome systemic challenges, particularly in the energy sector.
The forum attracted senior professionals, economists, policymakers, and business leaders who discussed root causes of inflation and proposed pathways to stabilize consumer purchasing power.
Adewunmi concluded that the Club would continue convening initiatives that promote national development, accountability, and practical economic guidance for Nigerians.
