Inadequate and high cost of energy have been identified by manufacturers as the core challenges of manufacturing operations in the country.
Nigeria has over 200 million people and a huge productive sector that are energy-dependent, but electricity distributed in the country has been a mere 4000MW. This explains the reason why various Manufacturers CEO Confidence Index (MCCI) ranked poor supply of electricity among the top challenges of the sector. In addition, the energy challenges are variously represented as the cause for the poor competitiveness of the economy and manufacturing sector.
The recent report stated that, Nigeria is natural endowed with hydro-carbon as well as oil reserves of about 37 billion barrels as at 2021 and gas reserves of about 5.8 trillion cubic meter, saying, unfortunately, the country has failed to exploit these resources to the benefit of the economy.
“As a member of the Organisation of Petroleum Exporting Countries(OPEC), production of crude has…
Source: Leadership Newspaper
