Tuesday, June 24, 2025
Home Uncategorized MANUFACTURERS LOSE N10.1tn YEARLY TO POWER CRISIS – MAN

MANUFACTURERS LOSE N10.1tn YEARLY TO POWER CRISIS – MAN

The Manufacturers Association of Nigeria says the country’s shortage of electricity supply has been identified as a hindrance to the profitability of manufacturers with an annual economic loss valued at about N10.1tn, about two per cent share of the country’s Gross Domestic Product.

MAN noted that the unfavourable situation has positioned the country among the worst countries to do business with a rank of 171 out of 190.

The manufacturers made the claim in a statement in which it reacted to the assenting of the Electricity Bill by President Bola Tinubu.

According to MAN, the current power supply is inadequate to satisfy the energy requirements of the manufacturing sector and the entire population.

The association however noted that the Electricity Act 2023, if well implemented, promises to be a major game changer for the manufacturing sector.

The statement partly read, “As an advocacy Association, MAN has always pushed for the need to charge cost-reflective electricity tariff to avoid extortion of our members. Fortunately, it is of great delight that this new Act fits like a glove as it will help actualise a cost–reflective tariff considering the healthy price competition it will bring between the states and private investors.

“The country’s epileptic power supply is one of the prominent reasons for the relocation of some of our members. Provided the new Act adequately addresses the challenges in the power sector, we are quite optimistic that such development will encourage the inflow of manufacturing FDI, boost the performance of the sector and increase the sectoral contribution to the economy.”

MAN further expressed optimism that if properly utilised, such huge revenue can bridge the infrastructure deficits in many states without imposing further tax burden on manufacturers

RELATED ARTICLES

NIES 2025: NNPC LTD LEADING THE CHARGE TOWARDS AFRICA’S GAS INFRASTRUCTURE EXPANSION—KYARI .

. The Group Chief Executive Officer of NNPC Ltd, Mele Kyari says,  the world recognizes Africa as the next destination of providing greater support to...

WARNS OFFICERS AGAINST GROSS VIOLATION OF RIGHTS, POLICE MISCONDUCT.

The Inspector-General of Police Kayode Egbetokun has issued a stern warning to all officers regarding serious breaches of Human Rights, emphasizing the duty of...

NNPC Ltd/First E&P JV ACHIEVES 96% REDUCTION IN ROUTINE GAS FLARING

The NNPC Ltd and First Exploration & Petroleum Development Company Limited (First E&P) Joint Venture (JV) says it  has achieved 96% reduction in routine...

Most Popular

GENERAL NAFIU COUNSELS CORPS MEMBERS ON SAVINGS, INVESTMENT, PEACEFUL CO-EXISTENCE

  The Director General of National Youth Service Corps, Brigadier General Olakunle Nafiu has advised Corps Members to be prudent in their spendings and also...

BOI UNVEILS SUSTAINABLE FINANCE FRAMEWORK FOR INCLUSIVE GROWTH.

The Bank of Industry has announced the launch of its Sustainable Finance Framework to drive inclusive and climate-resilient growth in Nigeria. In a statement the...

ECONOMIC GROWTH: FINANCE MINISTER ASSURES ON INCREASED INVESTMENT.

  The Honorable Minister of Finance and coordinating minister of the economy Wale Edun says the ministry is at its third phase to achieve a...

GLOBAL OIL PRICE MAY SURGE PAST $150 PER BARREL AS IRAN’S PARLIAMENT APPROVES CLOSURE OF STRAIT OF HORMUZ .

  Iran’s parliament has approved the closure of the strategically crucial Strait of Hormuz, a vital waterway for global oil shipments, in a significant escalation...

Recent Comments