Nigeria, March 16 -- The Centre for the Promotion of Private Enterprise (CPPE) has urged Nigerian businesses and the government to adopt urgent proactive measures to cushion the impact of rising energy costs triggered by escalating geopolitical tensions in the Middle East.

In an advisory note released on Sunday and signed by the CPPE Chief Executive Officer, Muda Yusuf, the organisation warned that the recent surge in global energy prices is intensifying cost pressures on businesses, particularly in Nigeria, where many firms rely heavily on petrol and diesel generators due to poor electricity supply.

According to the CPPE, the rising cost of fuel is increasing operating expenses, transportation costs and distribution charges for busines...