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

By Joy Baba-Yesufu

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.
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.