Advertisment
Tuesday, June 28, 2022
  • Home
  • About Us
  • Contact Us
  • TNG Board
  • TNG Investigation
  • Login
TheNewsGuru
  • Home
  • Trending
  • News
    • Nigeria
    • World
  • Politics
  • Entertainment
  • Sports
    • Football
  • Business News
  • Technology
No Result
View All Result
TheNewsGuru
  • Home
  • Trending
  • News
    • Nigeria
    • World
  • Politics
  • Entertainment
  • Sports
    • Football
  • Business News
  • Technology
No Result
View All Result
TheNewsGuru
No Result
View All Result

Home » News » Business can’t survive in Nigeria without generators – Adesina

Business can’t survive in Nigeria without generators – Adesina

Femi Ajasa by Femi Ajasa
8 months ago
in News, Nigeria
Reading Time: 2 mins read
630 6
A A
0
Akinwunmi Adesina

Akinwunmi Adesina

310
SHARES
1.6k
VIEWS
 

President of the African Development Bank, Akinwumi Adesina has faulted the lack of reliable power supply as an obstacle to Nigeria’s industrial growth.

He said this on Tuesday at the 49th annual general meeting of the Manufacturers Association of Nigeria in Abuja.

Adesina stated that Nigerians spend $14 billion yearly on generators and fuel. He also quoted a report by the International Monetary Fund which stated that Nigeria loses $29 billion annually, about 5.8 per cent of its Gross Domestic Product due to a lack of reliable power supply.

RecommendedReads

India 2022: Flamingos’  to know World Cup opponents  today

India 2022: Flamingos’ to know World Cup opponents today

4 days ago
1.4k
Senate steps down bill for Armed Forces Service Commission

Senate appoints new Minority Leader, Whip

7 days ago
1.7k

He said, “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal,” Adesina said.

“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!”

The former minister of Agriculture also noted the various challenges affecting manufacturing in the country stating that reliable power supply is a major challenge.

“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,” he said.

“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.”

Akinwumi, however, added that Nigeria needs to invest in different means of energy generation to ensure the efficiency of the local industries.

“There should be massive investments in variable energy mixes, including gas, hydropower resources, and large scale solar systems, to ensure stable baseload power for industries, to direct power preferentially to industries, and to support industrial mini-grids to concentrate power in industrial zones.

“In addition, we should develop more efficient utilities, reducing technical and non-technical losses in power generation, transmission and distribution systems,” he added.

Author

  • Femi Ajasa

    View all posts

Tags: AdesinaGeneratorsNigeria
SendShare124Tweet78
Previous Post

BREAKING: UK returns Benin bronze stolen from Nigeria in 1897

Next Post

BREAKING: 26-year-old man who put himself up for sale for N20 million arrested

Related Contents

Train attack: Saraki lists 5 things government must do to end insecurity
News

Saraki’s suit against EFCC, ICPC, others suffers setback

5 hours ago
1.5k
Ekweremadu, wife sue NIMC, NIS, UBA, others over organ donor’s claim
News

Ekweremadu, wife sue NIMC, NIS, UBA, others over organ donor’s claim

5 hours ago
2k
Osinbajo presides as FEC honours late Mahmud Tukur
News

We must break illicit drug supply, distribution chains – Osinbajo

6 hours ago
1.4k
Load More
Next Post
BREAKING: 26-year-old man who put himself up for sale for N20 million arrested

BREAKING: 26-year-old man who put himself up for sale for N20 million arrested

BREAKING: Protesters win as NBA withdraws El-Rufai's invitation to annual conference

Insecurity: El-Rufai orders probe of suspected informants killed by lynch mob in Igabi LGA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

President of the African Development Bank, Akinwumi Adesina has faulted the lack of reliable power supply as an obstacle to Nigeria’s industrial growth. He said this on Tuesday at the 49th annual general meeting of the Manufacturers Association of Nigeria in Abuja. Adesina stated that Nigerians spend $14 billion yearly on generators and fuel. He also quoted a report by the International Monetary Fund which stated that Nigeria loses $29 billion annually, about 5.8 per cent of its Gross Domestic Product due to a lack of reliable power supply. He said, “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal,” Adesina said. “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!” The former minister of Agriculture also noted the various challenges affecting manufacturing in the country stating that reliable power supply is a major challenge. “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,” he said. “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.” Akinwumi, however, added that Nigeria needs to invest in different means of energy generation to ensure the efficiency of the local industries. “There should be massive investments in variable energy mixes, including gas, hydropower resources, and large scale solar systems, to ensure stable baseload power for industries, to direct power preferentially to industries, and to support industrial mini-grids to concentrate power in industrial zones. “In addition, we should develop more efficient utilities, reducing technical and non-technical losses in power generation, transmission and distribution systems,” he added.
No Result
View All Result
  • Home Page
  • Columnist
  • News
    • National
    • World
  • TNG Investigations
  • Politics
  • Business
  • Entertainment
  • Tech

© 2021 Thenewsguru.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to offer you a better browsing experience. If you continue to use this site, you consent to our use of cookies.
I Accept Cookies
We use cookies to offer you a better browsing experience. If you continue to use this site, you consent to our use of cookies.
I Accept Cookies