Nigeria’s petrol and power price rises upset business owners

ABUJA, Sept 15 (Reuters) – Daniel Oyelesi, who runs a laundry business in Nigeria’s capital Abuja, is reeling from the double whammy of price rises for petrol and electricity imposed in recent weeks that he says will harm his two-year-old business.

Earlier this month Nigeria’s president said the increases, announced days apart in early September, were needed to bolster Africa’s biggest economy, which for years has been urged by multilateral lenders to remove costly fuel subsidies and change electricity tariffs, both of which held prices artificially low.

Before electricity price rises were implemented, Oyelesi – who works out of a cramped kiosk filled with piles of clothes, a washing machine, tumble dryer and ironing board – spent 20,000 naira ($52.63) on power each month. He said that sum was now likely to last two weeks.

“I won’t say I’m coping… it has not been easy for us,” said Oyelesi. He

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