The Lagos Chamber of Commerce and Industry (LCCI) on Tuesday urged the Federal Government and electricity distribution companies (DisCoS) to work out an effective electricity pricing mechanism for the country.
The Director-General of LCCI, Muda Yusuf, made the call in a chat with journalists in Lagos.
Yusuf’s declaration followed a recent claim by the Nigerian Electricity Regulatory Commission (NERC) denying 50 percent hike in electricity tariff in the country.
The LCCI chief urged the government to pursue an unencumbered transition to the new pricing structure, with a view to reducing shocks and other vulnerabilities that might impede consumers’ acceptance of the new pricing.
Read also: Coronavirus resurgence, oil price volatility put economic recovery in limbo –LCCI
According to him, the justifications for an upward tariff review could be reasonable, given the socio-economic and political factors that informed the decision.
He said: “Context matters in policy conceptualisation and implementation, and we need to worry about social and economic contexts.
“These contexts should have a moderating effect on price movement at this time, especially for a product of high social significance. It is important to take these factors into account in order not to put the entire reform process at risk.”
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