The Ogun State Chamber of Commerce, Industry, Mines, and Agriculture has warned that the recent fuel price increase will lead to job losses, reduced economic activity, and higher poverty levels in Nigeria.
In a statement signed by OGUNCCIMA President, Mr Niyi Oshiyemi, on Thursday, the chamber cautioned that the price hike will have far-reaching consequences on the economy, businesses, and citizens, resulting in increased production costs, higher prices for goods and services, and reduced profitability for businesses.
“The fuel price increase will lead to job losses, reduced economic activity, and heightened poverty levels, disproportionately affecting low-income earners and small business operators,” Oshiyemi lamented.
He urged the Federal Government to take immediate action to mitigate the negative effects of the fuel price hike, advocating for a reduction in the pump price, support for businesses, and investment in alternative energy sources.
“The Federal Government must act now to reduce the impact of this fuel price increase. We cannot afford to watch as businesses suffer and Nigerians bear the consequences. We urge the government to consider the long-term effects of this hike and take proactive measures to address the underlying issues.”
“We are ready to engage in constructive dialogue to find lasting solutions,” Oshiyemi added.
