NIGERIA MAY COLLAPSE SOON – MANY BUSINESSES SHUTDOWN NATIONWIDE, REASON WILL SHOCK YOU

NIGERIA WILL COLLAPSE SOON – MANY BUSINESSES SHUTDOWN NATIONWIDE, REASON WILL SHOCK YOU

NIGERIA MAY COLLAPSE SOON – MANY  BUSINESSES SHUTDOWN NATIONWIDE, REASON WILL SHOCK YOU
There are strong indications that many businesses across the country might shutdown in the coming weeks, following an imminent collapse in the power sector, Post-Nigeria gathered.

According to the Managing Director and Chief Executive ‎Officer, Egbin Power Plc, Dallas Peavey Jr., access to liquidity has remained the major bottle neck in moving the power sector forward, as most government parastatals and private agencies, among several others,‎ are owing the power sector companies billions of naira.

‎Peavey threatened, that if drastic measures were not taken in the coming weeks, ‎‎the power sector might collapse completely, exposing Nigeria’s populace to a total blackout.

The implication is that most businesses who depends on electricity to produce goods and services will have no option than to shutdown.

Peavey said, “I think at this point, we have gone through so many stages. I think the issue here is liquidity.

“So many of the owners came, and they were thinking that they were going to be reaping some sort of returns after the first three years.

“In reality, nobody realized that they would go through three years, and lose money. “Our parent company owns Egbin, as well as Ikeja Electric.

‎”We can’t continue to operate, simply because we don’t have the money to pay for materials. “We don’t have the money to pay for repairs, and we can’t continue to pay our employers, simply because we are owed so much money
We have gone out to banks and different financial entities, to borrow the money to continue to do maintenance. You know for banks, the limit is only so”.

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