“Renewable energy, energy efficiency, and smart manufacturing”, will be discussed at the forthcoming Energy Summit of the Manufacturers Association of Nigeria (MAN).
It is scheduled for November 19 to 21, 2024, in Lagos.
At the pre -event press conference, MAN President, Francis Meshioye, said that the summit will bring together industry experts, policymakers, and stakeholders to discuss innovative solutions, share best practices, and forge partnerships that will drive growth and sustainability in the industrial sector.
He noted that although, the electricity supply to industries showed some improvement in H1 2024, with average daily supply hours increasing to 11.28 hours per day, yet the increase in electricity tariffs by over 200 percent imposed by DisCos significantly raised the cost of electricity for manufacturers.
He said: “This, coupled with ongoing power outages, placed additional financial strain on the sector.
The cost of providing alternative power continued to rise, with manufacturers spending N238.31 billion on alternative energy sources in H1 2024, a 7.69 per cent increase from H2 2023.
The surge in costs was driven by higher prices for diesel, gas, and other energy sources, as well as the need for manufacturers to invest in self-energy generation due to unreliable power supply from the national grid.” Given the background,
Meshioye said that the upcoming summit is being convened to highlight the urgent need for affordable and reliable energy, as the high cost and unreliable nature of electricity in Nigeria have significantly hindered the growth and productivity of local manufacturers.
He stressed the importance of creating enabling policy frameworks that will ease access to renewable energy sources and promote the development of energy infrastructure.
These actions, he argued, are essential for fostering sustainable growth in the manufacturing sector and improving its competitiveness both locally and globally.
“With Nigeria’s power supply remaining inconsistent and expensive, manufacturers face significant challenges in maintaining production costs and scaling their operations,” said Meshioye.
He added that the summit which will feature speakers from around the world, aims to provide valuable insights on emerging technologies, best practices, and expert case studies aimed at improving the manufacturing sector’s energy use and technological adoption.
