Small business owners in the Federal Capital Territory (FCT) say they are struggling to survive amid skyrocketing electricity tariffs, transportation, and telecommunications costs. The entrepreneurs told journalists on Sunday in Abuja that they no longer break even and were barely trying to keep their businesses afloat. Traders, artisans, and service providers said the rising cost of running their businesses had forced them to cut expenses, reduce staff, and reconsider their operational strategies. Chinyere Okonkwo, a bakery owner in Garki, said her electricity bills had more than doubled in recent months, making production unsustainable.
“I used to pay about N50,000 monthly for light, but now it is more than N120,000. And this is just for electricity. There are still other production costs which we have to consider. Within the last few months, I have had to reduce my baking hours and even cut down my staff, yet profits remain low,” she said. Abdulrahman Yusuf, a local distributor, shared how increased fuel and logistics costs had severely impacted his business. ”Since the removal of the fuel subsidy, my business has been suffering; my income has continued to reduce. How do I feed my family and pay school fees? The government and all relevant bodies need to look into this. It is a matter of ultimate urgency,” Mr Yusuf said.
Similarly, Solomon Aghogho, a dispatch rider, also decried low-profit returns due to increased fuel prices. ”The increased cost of fuel has affected the business. When we factor in the cost of fuel in the dispatch of goods, customers always complain of the high cost of delivery,” Mr Aghogho said. Ekaite Bassey, a trader at the Apo Fish Market, noted the impact of increased electricity tariff and transportation hyke on her business. Our businesses are not breaking even. We are just in business because it is better than sitting idle in the house, but the truth is that we are not making any profit at all,” she said. Nnenna Okoh, an online vendor, appealed to the federal government to look into the proposed telecommunication tariff increase for the sake of small business vendors like her. With a proposed increase in telecommunication tariffs, small business owners relying on digital services for sales and customer engagement fear further setbacks.
“If data costs rise, how will we continue online sales? We are already struggling with existing expenses and low income. What will become our fate?” she said. Agnes Ezenwa, a businesswoman, said, ” The expenses are much. Some of us have started adopting cost-sharing measures, such as bulk purchasing and joint deliveries. “The government needs to step in before all our businesses will collapse and our families will die of starvation. We need urgent intervention.” Margaret Adepetu, women’s coordinator for the Association of Small Business Owners of Nigeria (ASBON), decried the difficulties her members encountered while doing business. Ms Adepetu urged the government to tackle the issues of electricity tariffs, logistics, increased petroleum prices, and improving the value of the naira, saying this would go a long way in boosting businesses.
She also urged Nigerians to deviate from the “japa” syndrome, remain in Nigeria, and contribute their quota to the country’s growth and development. “It may be rough today, but we will grow. Because if you go to that place, you are developing other people’s country. No matter what happens, one day, we have to come back home,” she said. A business consultant, Emeka Nwosu, said that despite their resilience, small business owners in the FCT and its environs were increasingly finding it difficult to survive. Mr Nwosu appealed to the federal government to ensure policies and programmes that would ease businesses and grow the economy. NAN
We are struggling to survive, small business owners cry out
