By Gabriel Ewepu
ABUJA – The Centre for Promotion of Private Enterprises (CPPE) has called for urgent government intervention to ease the burden of rising energy costs on Nigerians and businesses.
The Executive Director of CPPE, Muda Yusuf, in a statement, said the situation has been worsened by global tensions, particularly the United States–Israel–Iran conflict, which continues to exert pressure on energy prices and the domestic economy.
Yusuf noted that while Nigeria’s February 2026 Consumer Price Index (CPI) report showed a slight decline in headline inflation to 15.06 per cent from 15.10 per cent in January, the improvement remains fragile.
According to him, the underlying inflation trend is still worrisome, with month-on-month inflation rising to 2.01 per cent and food inflation climbing to 4.69 per cent.
He explained that Nigeria’s heavy reliance on petrol and diesel for power generation, due to unreliable electricity supply, has intensified the impact of global energy shocks on the economy.
“Estimates indicate that unreliable electricity imposes annual economic losses of between ₦7 trillion and ₦10 trillion, while spending on generators exceeds ₦3.7 trillion annually,” he said.
Yusuf added that the dependence on self-generation has led to higher production and transportation costs, which in turn drive up the general price level.
To address the challenges, CPPE recommended strengthening domestic refining capacity by ensuring a steady supply of crude oil to local refineries, including the Dangote Refinery, under supportive and predictable terms.
The group also called for increased investment in efficient and affordable public transportation systems to reduce the cost burden on households.
In addition, CPPE urged the government to remove fiscal barriers hindering the adoption of renewable energy by granting waivers on import duties and taxes on solar equipment, inverters, and batteries.
It further recommended the suspension of maritime charges to ease rising shipping costs amid increasing global marine insurance rates.
Yusuf stressed that improving electricity supply remains the most sustainable solution to Nigeria’s energy crisis, calling for investments in generation, transmission, and distribution infrastructure, alongside support for decentralised energy systems.
He also advised the adoption of flexible and remote work arrangements where feasible to reduce commuting costs.
On the policy front, CPPE cautioned monetary and fiscal authorities against premature easing, urging prudent management of oil revenue windfalls to strengthen foreign exchange reserves and support productive sectors of the economy.
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