Nollywood filmmaker and entrepreneur Kunle Afolayan has warned that surging diesel prices are putting severe strain on his businesses, saying the rising cost of fuel is becoming unsustainable.
Afolayan, 51, disclosed that he spends about N11 million on diesel every four to five weeks, despite investing heavily in solar power to reduce dependence on generators.
In a video shared on his Instagram page on Tuesday, the director said the recent jump in diesel prices had left him struggling to keep operations running.
“I’ve been sad because I can’t cope with the ₦1,500 per litre of diesel. In one of the businesses that we run, the KAP Village, we spend about ₦11 million in four or five weeks on diesel. And we have solar power, but we’re still spending about ₦11 million,” he said.
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Afolayan, who owns and operates the KAP Film Village and Resort, explained that while renewable energy has helped to an extent, his facilities still rely heavily on diesel to guarantee uninterrupted power.
With diesel now selling at around N1,500 per litre up from roughly N995 to N1,000 only days ago, he lamented the figures no longer add up for businesses that must generate their own electricity.
To cope, the filmmaker revealed that his companies have increasingly turned to buying diesel on credit, settling payments gradually whenever funds are available.
“The diesel we’ve been buying, we’ve been buying on credit. When we make little money, we find a way to pay. Sometimes it takes two months to even pay down and then get another one on credit.
“But now from about ₦1,000 or ₦995 to ₦1,500, it’s not sustainable. If you can come to our aid, I’ll really appreciate it,” he said.