- The Manufacturers Association of Nigeria (MAN) says the country’s energy crisis, marked by unreliable power supply and high tariffs, is stalling industrial growth and investment.
- To address these challenges, MAN is hosting the Manufacturers’ Energy Security Summit in Lagos from November 19-21, 2024, to explore energy adequacy and industrial competitiveness solutions.
The Manufacturers Association of Nigeria (MAN) has raised concerns that the country’s struggling energy sector is a significant obstacle to the growth of its industrial sector, limiting investment opportunities and job creation. MAN President, Francis Meshioye, highlighted that inadequate power supply, unreliable energy infrastructure, and high electricity tariffs are crippling the competitiveness of Nigerian industries.
Speaking at a media briefing in Lagos, Meshioye explained that these challenges led to the organisation of the Manufacturers’ Energy Security Summit, which will take place in Lagos from November 19 to 21, 2024. The summit, themed “Energy Adequacy for Industrial Growth,” aims to address the critical issue of energy security, which continues to hamper industrial productivity.
“This summit is vital for the future of Nigeria’s manufacturing sector,” Meshioye stated. “Energy security is a key challenge impacting our productivity, global competitiveness, and overall growth. Industries cannot function efficiently without reliable energy, affecting our ability to attract foreign investment and create jobs.”
The event will bring together policymakers, industry leaders, and energy experts to discuss practical solutions, share best practices, and explore collaborative efforts that can help Nigeria’s manufacturing sector overcome its energy challenges.
Meshioye emphasised the critical role of reliable energy in driving industrial growth and economic development. He noted that the country’s energy issues are preventing industries from operating at total capacity and undermining Nigeria’s attractiveness as an investment destination.
“Adequate and reliable energy supply is fundamental for the smooth operation of industries and achieving long-term competitiveness in the global market,” he said. “Unfortunately, the current energy landscape in Nigeria is fraught with serious challenges that hinder industrial progress.”