The Manufacturers Association of Nigeria (MAN) has called for a robust synergy between stakeholders in the energy ecosystem and innovation to shape the country’s power sector.
Speaking at the electrical and electronic sector’s annual general meeting (AGM), themed ‘Transforming Nigeria’s Energy Landscape: The Electrical & Electronics Manufacturing Sector’s Perspective,’ George Onafowokan, chief executive officer of Coleman Wires and Cables, said that the country can enhance energy efficiency through innovative product design and support renewable energy systems with critical components.
Onafowokan, represented by Ilori Sanusi, chief operating officer of Coleman Wires and Cables, stated that the sector needs innovative solutions to critical issues hindering productivity.
“The electrical sector of MAN should tap into technology such as smart grids and IoT-enabled devices to optimise energy production and consumption, infrastructure support for renewable energy projects, and locally developed renewable energy systems to address unique challenges in rural and urban areas,” he said.
“We need to invest in research and development to create innovative, locally relevant solutions, establish centers for testing and scaling emerging energy technologies, and foster collaborations with tech leaders and academic institutions to fast-track adoption,” he added.
Onafowokan stressed that to transform Nigeria’s energy sector, the government must provide tax incentives for manufacturers investing in renewable energy solutions, and infrastructure support.
He urged manufacturers to transition to renewable energy sources for operations and production while optimising their processes.
“The government needs to encourage us by giving us tax incentives for us to achieve this, partner with power companies and financiers to strengthen the energy ecosystem, collaborate with educational institutions to upskill workers in renewable energy technologies, and engage with international organisations to access expertise and funding,” he said.
Onafowokan emphasised the sectoral group’s importance in supporting Nigeria’s energy sector and economy.
“The electrical and electronics sector’s expertise and resources position it as a catalyst for energy transformation in Nigeria to enhance energy efficiency through innovative product designs, supporting renewable energy systems with critical components like solar panels and inverters, and driving industrial growth by creating jobs and boosting the country’s Gross Domestic Product (GDP).”
He also said that to sustain this policy, the sector can develop eco-friendly products to meet consumer demand and enter global markets, adopt green manufacturing practices to reduce costs and environmental impacts, and transition to renewable energy sources for operations and production.
“We should leverage government incentives for sustainable practices, educate stakeholders on the financial benefits of sustainability, and ensure suppliers align with sustainable manufacturing practices.
Also, Ijeoma Oduonye, chairman of MAN’s electrical &electronics sectoral group, said the theme underscores the group’s commitment to innovation, technology, sustainability and collaboration, which are key growth drivers.
Reviewing the sectoral group 2023 performance, Odunonye said its average capacity utilisation declined by 1.9 percent to 56.6 percent compared to an average of 58.5 percent in 2022.
In the full fiscal year 2023, the sector’s real production value declined by N6.02 billion or 15.84 percent dropping from N37.99 billion in 2022 to N31.97 billion, the sectoral group chairman said.
Segun Ajayi, director general of MAN urged members of the sectoral group to sustain the resilience and tenacity with which they collaborated with the executives to inspire and shape the future of the electrical & electronics industry sector.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
