The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns about the recent hike in the price of electricity, noting that such increments in the past had not translated into consumers’ satisfaction.
The chamber’s Director-General, Dr Chinyere Almona, in a statement, noted that only an aggressive metering programme would lead to 100 percent coverage of electricity consumers, give more satisfaction to such consumers and give them a feeling of paying for what they consume.
It also argued that beyond the provision of infrastructure, there should be a sound regulatory and policy environment to attract more foreign investment into the power sector.
LCCI expressed the belief that with the government expectedly having access to more funds, the huge costs borne by companies in providing business support infrastructure like power, logistics, warehousing, security and others, should be promptly provided with saved funds from discontinued subsidies and taxes.
On metering, the chamber also advised the government on the need to create the needed environment where local meter manufacturing can thrive so as to bridge the current gap in meter deployment.
“This will reduce the pressure on the foreign exchange market, create jobs, generate revenue for the government and develop local expertise in meter manufacturing,” LCCI stated.
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