President of the African Development Bank (AfDB), Akinwunmi Adesina, has stated that the lack of constant and reliable power supply is the major challenge of industries growth in Nigeria. ayokinews.com reports
Adesina made this known while speaking at the 49th annual general meeting of the Manufacturers Association of Nigeria (MAN) in Abuja, on Tuesday.
Speaking on the cost of running generators in Nigeria, Adesina stated that Nigerians spend $14 billion yearly on generators and fuel.
Adesina said, “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal.
“Traveling on a road one day in Lagos, I saw an advertisement on a billboard which caught my attention. It was advertising generators, with the bold statement “we are the nation’s number one reliable power supplier!”
Adesina further noted that the manufacturers in Nigeria faces a lot of challenges and that the chief of them all is the lack of ‘stable power supply’.
“To be a manufacturer in Nigeria is not an easy business. You succeed not because of the ease of doing business, but by surmounting several constraints that limit industrial manufacturing.
“Today, the major challenge facing Nigeria’s manufacturing is the very high cost and unreliability of electricity supplies. Load shedding and the inconsistent availability of electrical power have resulted in high and uncompetitive manufacturing costs,” he said.