LAGOS — The Manufacturers Association of Nigeria (MAN) has raised concerns that Nigeria’s struggling energy sector is severely impeding the growth of the country’s industrial sector, undermining its potential to attract investments and generate jobs.
MAN’s president, Francis Meshioye, highlighted these challenges during a media briefing in Lagos, emphasizing that Nigeria’s energy problems threaten its industrial competitiveness and overall economic stability.
Meshioye pointed to several key issues that have plagued the energy landscape, including inadequate power supply, outdated and unreliable energy infrastructure, and high electricity tariffs, which make it difficult for businesses to operate efficiently.
These factors collectively hinder the productivity of Nigeria’s manufacturing sector, stifling growth and making it challenging for local industries to compete globally.
“Energy plays an indispensable role in driving industrial growth and economic development,” Meshioye stated.
“Adequate and reliable energy supply is essential for the smooth operation of industries, which, in turn, is crucial for sustainable growth and competitiveness in the global market.
Unfortunately, the energy landscape in Nigeria is fraught with challenges that not only hamper the growth of industries but also undermine our ability to attract investments and create jobs.”
In response to the critical need for improved energy solutions, MAN has organized the Manufacturers’ Energy Security Summit, a major event that will take place from November 19 to 21, 2024, in Lagos.
With the theme “Energy Adequacy for Industrial Growth,” the summit aims to address the pressing issues surrounding Nigeria’s energy security and identify strategies to improve energy availability for manufacturers.
The summit is expected to bring together industry experts, policymakers, energy providers, and other stakeholders to explore innovative solutions and share best practices.
According to Meshioye, the event will serve as a collaborative platform for key figures to forge partnerships, exchange ideas, and work towards long-term strategies to secure energy adequacy in the manufacturing sector.
Meshioye further elaborated on the importance of addressing Nigeria’s energy issues head-on. “These challenges cannot be overlooked if we aim to foster a conducive environment for industrial growth. It’s critical that we work collaboratively to develop a robust and resilient energy infrastructure that supports manufacturing needs.”
The Manufacturers Association argues that if Nigeria’s energy challenges continue unaddressed, it could jeopardize the country’s ambitions to attract foreign investments and expand local industries.
High electricity costs, coupled with frequent power outages, have driven many manufacturers to seek costly alternative energy sources, which reduces profitability and discourages further investments in the sector.
For years, Nigeria’s energy crisis has been a focal point of concern, with limited improvements despite numerous reforms and initiatives aimed at boosting energy supply.
MAN’s summit aims to encourage stakeholders to commit to actionable solutions that can be implemented in the short and long term, with an emphasis on ensuring that industries have the energy resources needed to function effectively.
With Nigeria’s manufacturing sector poised for growth, Meshioye believes the upcoming summit could be a turning point.
“By addressing these issues collaboratively, we can lay the foundation for a more sustainable and competitive manufacturing industry in Nigeria,” he concluded.
As the summit approaches, industry players and stakeholders await concrete outcomes that could drive meaningful change in Nigeria’s energy sector, ultimately bolstering the nation’s industrial and economic landscape.
