Fuel subsidy removal hurts 90% of Nigerian businesses – Report
Posted: December 5th, 2023, 5:51 pm
The fuel subsidy removal policy of President Bola Tinubu’s government, which took off in June 2023, negatively affected 90 per cent of businesses in Nigeria.
This is according to a recent report by Fate Foundation, titled “State of Entrepreneurship,” which surveyed over 10,000 businesses across the 36 states of the country and the FCT.
According to the report, smaller businesses were affected more than big businesses, and the policy resulted in high operating costs and lower profits due to weak demand and the loss of customers.
The report further stated: “Entrepreneurs in the South East were the most affected, while those in the South South were the least affected, relative to other regions. The impact of the policy was even for both male and female entrepreneurs.”
The report also revealed that around 89 per cent of businesses in the country were negatively affected by the naira scarcity experienced in the first quarter of 2023, with the agricultural sector being the most affected.
It further explained that the impact of the naira scarcity on farmers led to the contraction of the agricultural sector’s output by 0.9 per cent in the GDP report for Q1. The decline was the first in over three decades.
https://dailypost.ng/2023/12/05/fuel-su ... es-report/
This is according to a recent report by Fate Foundation, titled “State of Entrepreneurship,” which surveyed over 10,000 businesses across the 36 states of the country and the FCT.
According to the report, smaller businesses were affected more than big businesses, and the policy resulted in high operating costs and lower profits due to weak demand and the loss of customers.
The report further stated: “Entrepreneurs in the South East were the most affected, while those in the South South were the least affected, relative to other regions. The impact of the policy was even for both male and female entrepreneurs.”
The report also revealed that around 89 per cent of businesses in the country were negatively affected by the naira scarcity experienced in the first quarter of 2023, with the agricultural sector being the most affected.
It further explained that the impact of the naira scarcity on farmers led to the contraction of the agricultural sector’s output by 0.9 per cent in the GDP report for Q1. The decline was the first in over three decades.
https://dailypost.ng/2023/12/05/fuel-su ... es-report/