The Lagos Chamber of Commerce and Industry (LCCI) has expressed deep concern over the repeated national grid collapses, stating that they pose a significant threat to manufacturers, micro, small, and medium enterprises (MSMEs), and the broader Nigerian business environment.
Dr. Chinyere Almona, Director-General of LCCI, in a statement, highlighted the serious consequences of the second national grid collapse within just five days. She pointed out that such recurring grid failures reveal deep structural and operational weaknesses in the country’s power transmission system, which, if not addressed urgently, could continue to undermine the nation’s economy.
Key Points:
- Economic Impact: The LCCI emphasized that frequent grid collapses disrupt manufacturing operations, leading to lost production hours, damaged equipment, increased reliance on self-generation, higher operational costs, and reduced competitiveness. These disruptions ultimately weaken investor confidence, escalate inflationary pressures, and challenge the credibility of Nigeria’s economic reforms.
- Urgency for Reform: Almona warned that without immediate reforms and structural upgrades to the grid system, Nigeria could face tens of grid collapses in 2026, hindering economic recovery and transition into a consolidation phase. The LCCI stressed that urgent intervention is needed to avoid such outcomes.
- Call for Forensic Audit: The LCCI called on the Federal Government to institute an independent forensic audit of the national grid. This audit should cover transmission infrastructure integrity, system protection schemes, operational protocols, and governance of grid management. The results should form the basis for short-term reforms to improve grid performance.
- Critical for Economic Stability: Reliable power supply is fundamental to Nigeria’s industrialization, competitiveness, and macroeconomic stability, according to Almona. She urged the government to take decisive action to prevent further damage to the country’s economic growth, job creation, and export capacity.
The LCCI’s statement serves as a reminder of the critical role stable power supply plays in driving Nigeria’s economic development and the need for urgent reforms to prevent further grid failures.
