Adesina
The President of African Development Bank Group, Mr Akinwumi Adesina, said that the major challenge facing Nigeria’s manufacturing industries was the high cost and unreliability of electricity supply.
The AfDB boss said that load shedding and the inconsistent availability of electricity had resulted in high and uncompetitive manufacturing costs.
According to him, most Nigerian manufacturing companies are providing their own energy with a high dependence on generators, diesel and heavy fuel oil.
“It has been estimated by the IMF that Nigeria loses about $29bn annually, that is, 5.8 per cent of its GDP, due to a lack of reliable power supply.
“The report also indicates that Nigerians spend $14bn yearly on generators and fuel.
“There is no other way to say it, lack of electricity is killing Nigerian industries,” he said.
He quoted the Manufacturers Association of Nigeria as saying that industries spent N93.1bn on alternative energy in 2018.
“Today, no business can survive in Nigeria without generators.
“Nigeria had gas and crude oil in abundance, which can be vital means of generating electricity, yet, 86 million people live daily without electricity.
“Today, Nigeria is the number one country in the world in terms of the total number of people without electricity,” he said. Punch
