Stable power supply will revive small businesses – Oluwo

The improved electricity supply being experienced in Nigeria could offer a lifeline to small-scale business operators struggling with high operating costs, the Oluwo of Iwoland, Oba Abdulrosheed Adewale Akanbi, has said.

The traditional ruler said petty traders, welders, barbers, fish sellers and cold-drink vendors, among other operators whose businesses depend on electricity, stood to benefit from sustained power supply through reduced expenditure on alternative energy sources and improved business productivity.

Oba Akanbi, who spoke in a statement issued by his Press Secretary, Alli Ibraheem, said the development could ease some of the economic difficulties confronting ordinary Nigerians and put their businesses on a path to sustainable growth.

He expressed optimism that consistent electricity supply would also encourage local and foreign investors to establish businesses in the country, thereby stimulating economic activities, creating jobs and strengthening Nigeria’s economic base.

The monarch’s position followed his return to Nigeria two days earlier after a month-long vacation abroad, during which he said he observed a remarkable improvement in electricity supply.

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According to him, he had enjoyed at least 20 hours of electricity daily since his return and had not needed to purchase diesel for his power needs.

“I am glad that Nigeria is replicating the stable electricity supply we used to enjoy in advanced countries of the world. I just returned from a month-long vacation and noticed a commendable improvement in Nigeria’s power sector,” he said.

Oba Akanbi described the development as a significant breakthrough, commending President Bola Ahmed Tinubu for what he called the restoration of sanity to the power sector.

He also praised the Minister of Power, Joseph Tegbe, for the improvement.

He urged the Federal Government to sustain the progress, stressing that reliable electricity was essential to reviving struggling businesses, attracting investment and placing more Nigerians on a sustainable path to prosperity.

The monarch further called for a continued fight against corruption in the power sector.

Oba Akanbi, however, urged Nigerians to complement the government’s efforts by adopting responsible electricity consumption habits, advising households to switch off electrical appliances when they are not in use to minimise waste.