Reliable energy supply fuels manufacturers’ cost competitiveness, growth – MAN

For Africa’s most populous nation to drive its industrialization and ensure that its manufactured goods compete favourably, it must ensure a stable energy supply to manufacturers, the Manufacturer Association of Nigeria (MAN) has said.

According to MAN, a reliable energy supply remains the only way to unlock the country’s industrial potential and drive growth through the manufacturing sector.

At the pre-manufacturer’s Energy Security summit in Lagos, Francis Meshioye, MAN’s president acknowledged that energy security remains a significant challenge affecting productivity and competitiveness.

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With the theme, ‘Energy Adequacy for Industrial Growth’, Meshioye, stated that it is of immense relevance to Nigeria’s economic development, as the manufacturing sector is critical to job creation, economic diversification, and GDP growth.

“By addressing energy security, we can unlock the full potential of our industries, reduce the cost of energy in manufacturing and create more opportunities for Nigerians, along with contributing to the country’s socio-economic prosperity,” he said.

“We are all acutely aware of the crucial role that energy plays in driving industrial growth and economic development,” MAN president noted, adding that a stable energy supply is a basic requirement for the smooth operation of industries, and it is essential for achieving sustainable growth and competitiveness.

“Unfortunately, the energy landscape in Nigeria is fraught with challenges such as inadequate power supply, unreliable energy infrastructure, and high electricity tariffs. These challenges not only hamper the growth of industries but also undermine our ability to attract investments and create jobs.”

He explained that the summit was crucial for Nigeria’s manufacturing sector, as energy security remains a significant challenge affecting productivity and competitiveness.

For him, the nation must address these challenges frontally and work towards achieving energy adequacy for industrial growth.

He stressed that this would require a multi-faceted approach that includes improving energy infrastructure, promoting energy efficiency, diversifying our energy sources, and fostering partnerships between the public and private sectors.

Speaking ahead of the Manufacturer’s Energy Security Summit scheduled to hold from Tuesday 19th to Thursday 21st November 2024 at the Lagos Oriental Hotel, Lekki-Epe Expressway, he said that the summit will host renowned speakers and panellists who will share insights on topics such as renewable energy, energy efficiency, and policy frameworks that support manufacturing growth.

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According to him, the summit is expected to feature conferences and exhibitions to enlighten and expose participants to the latest technologies, inventions and trends in the energy sector.

It is also intended to serve as a platform for manufacturers and other stakeholders to discuss and explore sustainable solutions to ensure energy security for industrial growth in Nigeria.

“It will bring together industry experts, policymakers, and stakeholders to discuss innovative solutions, share best practices, and forge partnerships to drive growth and sustainability in our sector.”

“This summit is of immense relevance to Nigeria’s economic development, as the manufacturing sector is critical to job creation, economic diversification, and GDP growth,” according to MAN President.”

Oweh Mba-Sam, acting managing director of Manufacturers Power Development Co. Ltd, emphasised that there is a need to tackle the problems that members are facing concerning energy.

“It is better to look at this gap and see what we can do on our own to ease the pain that we experience because of current challenges in electricity supplies.

“You realise that the cost of energy to us is very huge. These are the challenges and it is not ideal within the manufacturing business space. One unexpected power outage could lead to a lot of loss.”