Groups accuses DisCos of driving multinationals out of Nigeria

A coalition of pressure groups under the aegis of Wadata Media Advocacy Centre (WAMAC), have said the power Distribution Companies (DISCOs) are responsible for the exodus of multinational companies from the county.

According to them, the multinational companies found it difficult to cope with rising cost of production occasioned by the inability of power Distribution Companies (DISCOs) to supply electricity all ng side the inherent monumental corruption that pervades most of the DISCOs.

Executive Director of WAMAC, Zubair Abdurrauf, said, “these companies decided to take an exit door from Nigeria to Ghana and some African countries.. Despite pronouncements by the federal government to provide uninterrupted power supply through executive orders, the ease of doing business in Nigeria continued to nose dive due to scandalous foreign exchange policy that made people refer to our referred currency as a mere paper instead of legal tender”.

He continued, “it is clear that the giant Tyre manufacturing company,. Dunlop left for Ghana after about fifty years of business in Nigeria. just recently, the giant pharmaceutical company, Glaxosmithkline (GSK) announced its departure from Nigeria ”, he lamented.

He says, there are other small businesses and indeed manufacturing companies that decided to close sho as a result of lack of steady electricity and the cost of diesel.

“Above all, corruption and corrupt dedencies ranging from estimated billing and load shedding have dampened the morale of companies to continue with production”, said Zubair.

The executive director lamented that, since after privatization of the sector in 2014 and the unbundling of the almighty NEPA, the new helmsman, DISCOs have crowned themselves as emperors and untouchable.

He said, although the government of President Ahmed Tinubu signed an Act that would reduce monopoly, this may not be enough until the past fraud cases are looked into.