The World Bank has identified inadequate electric power supply as the biggest problem facing Nigeria’s private sector operators, The Nation reports.
According to its study titled: The Nigerian Private Sector and its Challenges, presented by its Specialist, Finance and Private Sector, Mr. Michael Wong, in Abuja, yesterday, the two other worst problems of confronting businesses are corruption and access to finance. According to Wong, the study was conducted within the period of April 2014 to April 2015. He noted that 48 per cent of the 28,000 firms sampled identified inadequate power supply as their greatest challenge, adding that the study covered 19 states of the federation.
He said: “Nigerian managers of formal firms were most likely to report electricity, corruption and access to finance as serious obstacles to business performance. Firms in Nigeria are significantly more affected by power outages than firms in comparator countries. Nigerian firm managers reported that losses due to power outages were approximately 17 per cent of sales.