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Manufacturers decry N9bn spent on power daily



The shortage of electricity has not improved for members of the Manufacturers Association of Nigeria (MAN) since last year as they spend over N9 billion daily on power generation.

National President of the group, Dr. Frank Udemba Jacobs, made this known on Friday while speaking with newsmen after a meeting with the Minister of Science and Technology, Dr. Ogbonnaya Onu in Abuja.

Jacobs lamented that the supply of power from the national grid was horrible, and that the majority of manufacturers still generate their own electricity to power their machines.

He said: “From last year, nothing has changed in the sector. We all know that in terms of generating power, our members spend billions of naira in generating power and this is going up daily because we are daily increasing
capacity. I think, it is more than N9 billion daily”

Read also: Naira speculators stash idle $20bn in banks

He refused however to answer questions thrown at him to comment on the foreign exchange restriction imposed by the Central Bank of Nigeria (CBN) on its members to source for raw materials.

He said instead, that “There is a negotiation going on now between MAN and CBN over that policy, so I wouldn’t like to comment on that because there is an on-going discussion on that.

“I had phone call from the CBN governor yesterday concerning our comments on the newspaper on what is going on and what is happening to manufacturing as result of the foreign exchange crunch.

“And he told me that they are going to deliberate on this and likely I will be going there very soon”, he said.

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