
By Adaobi Rhema Oguejiofor
The Manufacturers Association of Nigeria (MAN) has said that energy challenges such as inadequate amount and high cost of diesel, gas, and petrol are responsible for the poor competitiveness of the Nigerian manufacturing sector and the nation’s economy as a whole.
This information was contained in the Manufacturers CEO Confidence Index (MCCI) report for the fourth quarter of 2022, which was released by MAN on Monday.
In the report, MAN explained that despite Nigeria’s over 200 million population that is energy-dependent and its huge manufacturing sector, electricity distribution in the country has stood at a mere 4,000 megawatts.
The Association said that this explained why the poor supply of electricity has been continuously ranked among the top challenges of the manufacturing sector in various MCCI reports.
According to the report, the high cost of energy was one of the issues responsible for the difficult operating environment that led to the manufacturing sector’s declining performance in the quarter under review.