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H1 2022 Review: Local manufacturers spend N67.7bn on alternative energy sources – MAN

H1 2022 Review: Local manufacturers spend N67.7bn on alternative energy sources – MAN

The Manufacturers Association of Nigeria (MAN) has disclosed that poor electricity supply from the national grid has resulted to local manufacturers’ expenditure on alternative energy source soaring to N67.77 billion in the first quarter of 2022 (year-on-year) on automotive gas oil (AGO) otherwise known as diesel and other energy components.

The Director-General of MAN, Mr. Segun Ajayi-Kadir made this known in the MAN’s executive summary of Half Year (H1) 2022 economic review release made available to New Telegraph Friday.

He admitted that electricity supply from the national grid to the manufacturing sector degenerated in the period under review and this forced local manufacturers to shift attention to spendings on alternative energy source, culminating into rising cost of production and inflationary rate in the country.

Ajayi-Kadir said: “On electricity supply to industries. Electricity supply from the national grid to the sector degenerated in the period under review. Although, average daily supply to the sector increased to 12 hours in the first half 2022 from 11 hours of the second half of 2021, the average number of outages per day increased six times from three recorded in the preceding half, which more than off-set the increase in supply in the period.

He continued: “The poor power supply from the grid fuelled self-energy generation among manufacturers as expenditure on alternative energy source soared to N67.77 billion in the first quarter of 2022 (year-on-year) up from N32.18 billion recorded in the first half of 2021 and N45.04 billion of the second half respectively.

 

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