Financial Energy Review
Concerned with escalating energy crisis amidst high cost of same, which has bedeviled the manufacturing sector and the Organised Private Sector (OPS) the Manufacturers Association of Nigeria (MAN) in conjunction with seasoned energy experts recently converged in Lagos to chart positive part towards energy security.
As adequate supply of energy remains a mirad to the manufacturing sector, the association and other relevant stakeholders identified innovative solutions at a summit themed “Power Supply Adequacy for Industrial Growth in Nigeria,” organised by the Manufacturers Power Development Company Ltd.
On his part, the President of MAN, Otunba Francis Meshioye pointed out, that the event marked a significant milestone in the collective quest for energy security and sustainable manufacturing practices.
Meshioye noted that the association’s commitment to exploring collaborative strategies that enable manufacturers reduce energy costs, transition to sustainable energy sources, and comply with Environmental, Social, and Governance (ESG) standards.
He maintained that energy security is both a business imperative and national priority, canvassing support for the manufacturing sector, which accounts for a significant share of Nigeria’s GDP and drives economic development.
The MAN President identified challenges facing the association, including unreliable power supply, high energy costs, and environmental concerns.
According to him, “However, we also see opportunities for innovation, job creation, and sustainable growth.”
Stakeholders proposed actionable solutions, exploring cutting-edge technologies, policy frameworks, and financing models to support the transition to sustainable energy.
Group Managing Director, Income Electrix, Mathew Edevbie discussed challenges, prospects, and strategies for sustainable energy, emphasizing Nigeria’s huge electricity supply deficit.
He said high energy demand, supply-demand gaps, and low grid capacity, forcing industries to self-generate electricity.
Edevbie noted Nigeria incurs N26 billion in economic losses due to electricity shortages but remains optimistic about prospects for improvement through holistic approaches, including optimization of generation sources, efficient power utilization, and low-energy consuming products.
Director, Huawei Digital Power Nigeria Cruise Ni emphasized the need for innovation and alternative energy supply to reduce manufacturing energy costs.
Association of Nigerian Electricity Distributors Executive Director, Sunday Oduntan attributed power infrastructure shortcomings to outdated, under-maintained, and insufficient systems.
Managing Director/Chief Executive Officer, Niger Delta Power Holding Company, Jennifer Adighije pledged support for off-grid solutions.
Chairman, Nigeria Energy Regulatory Commission Sanusi Garba discussed opportunities and challenges under the new Electricity Act.
Executive Secretary, Association of Power Generation Companies, Dr. Joy Ogaji spoke on ramping up national power generation.
The summit aimed to accelerate energy security and sustainability for Nigeria’s manufacturing sector.
