The Manufacturers Association of Nigeria recently disclosed the country’s shortage of electricity supply has been identified as a hindrance to the profitability of manufacturers with an annual economic loss valued at about N10.1tn, about two per cent share of the country’s Gross Domestic Product.
MAN noted that the unfavorable situation has positioned the country among the worst countries to do business with a rank of 171 out of 190.
The manufacturers made the claim in a statement in which it reacted to the assenting of the Electricity Bill by President Bola Tinubu.
According to MAN, the current power supply is inadequate to satisfy the energy requirements of the manufacturing sector and the entire population.
The association however noted that the Electricity Act 2023, if well implemented, promises to be a major game changer for the manufacturing sector.
MAN further expressed optimism that if properly utilized, such huge revenue can bridge the infrastructure deficits in many states without imposing further tax burden on manufacturers.
