EVALUATION OF FUEL SCARCITY ON BUSINESS SURVIVAL IN NIGERIA
Business survival has been seriously threatened by Nigeria’s chronic fuel shortage, which has persisted for years. Companies’ ability to function has been hampered by the gasoline shortage since they rely so largely on fuel to run their machinery. As a result, productivity and profits have fallen as companies have struggled to meet rising customer expectations.
Businesses in Nigeria have felt the effects of the gasoline shortage mostly through price hikes. Businesses face higher costs to keep operations going as the black market price of fuel rises during times of fuel scarcity. Smaller enterprises may not have the financial cushion to weather the storm of these added expenses.
Supply chain interruptions are just another way that Nigeria’s gasoline shortage has harmed the country’s economy. Businesses may have trouble getting the materials they need to stay functioning if gasoline becomes limited. This may cause manufacturing and shipping delays, which may erode client happiness and commitment.
Fuel shortage has added to these difficulties by making firms more competitive. When oil is in short supply, companies may have to compete with one another to get their hands on it. This can spark price wars and other types of unhealthy competition that threaten companies’ long-term viability.
Some companies in Nigeria, however, have managed to not just survive, but prosper, despite the country’s current gasoline shortage. These companies have adjusted to the new market reality and are using creative solutions to continue operating. Some companies, for instance, have put money into solar panels and other renewable energy sources to lessen their demand for fossil fuels.
Overall, determining the impact of Nigeria’s gasoline shortage on commercial viability involves weighing several aspects. While gasoline shortage has had a detrimental effect on many businesses around the country, there are also plenty of companies that have triumphed against the odds.
EVALUATION OF FUEL SCARCITY ON BUSINESS SURVIVAL IN NIGERIA