Businesses, investment suffer as Egbin Power Station shut down – expert
By Yusuf Yunus
Dr Olukayode Akinrolabu, a power expert, says the shut-down of the Egbin Power Station in Nigeria will have significant impacts on economic and commercial activities across the country in the next few days.
Akinrolabu told the Business Intelligence (TBI Africa) on Tuesday in Lagos that the impromptu and incalculable shut-down of Egbin Power Plant is fundamentally a major set back in all of the human and societal spheres.
It would be recalled that the management of Transmission Company of Nigeria disclosed that the largest power station in the country, Egbin Power Station, with an installed capacity of 1,320 megawatts has been shut down.
The action is being embarked upon because the Nigerian Gas company that is the sole supplier of gas to the company has started doing maintenance jobs on its gas pipelines.
Akinrolabu who is the Chairman, Eko Electricity Distribution Company (EKEDC), Customer Consultative Forum, Festac/Satellite Town, said every society relies on power supply for their daily business(organisations) and well-being (households).
He said, “Therefore, the sudden state of shut-down will spell low productivity for business colonies and dissatisfaction as well as disaffection for household consumers.
“The implications is that organisations who have to remain in business will resolve to alternative energy (solar or generating set) which will generate additional cost on production.
“This will definitely raise the price of goods.
“Household consumers will insure more in procuring petrol for their generators at the exorbitant rate and which is not affordable for all, hence the disaffection will set in, especially as the yuletide season approaches,” he said.
Akinrolabu said that investment or turnover rate on investment would be low as purchasing power would be slightly inhibited due to the shut-down.
“It will be expected that the business entities will incur more or extra cost on production, while turnover on investments will be lower compared to last week activities as the new week is marked by the loss of 1,320MW energy,” he added.
