• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Manufacturers see electricity Act 2023 as game-changer

Electricity

The Matters Press by The Matters Press
June 16, 2023
Reading Time: 2 mins read
0
Strike puts Nigeria in darkness

Electricity distribution station

Lagos, June 15, 2023: The Manufacturers Association of Nigeria (MAN) says the signing the Electricity Act 2023, if well implemented, can be a major game-changer for the manufacturing sector with favourable implications.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Mr Segun Ajayi-Kadir, Director General, MAN, said this in a report signed by Ms Chisom Oguezuonu, Executive Officer, Corporate Service Division, MAN, on Thursday in Lagos.

Ajayi-Kadir noted that over the past decades, the Nigerian power sector had encountered various turbulence in its electricity value chain.

He attributed this to poor policy enforcement, over-regulation, instability of gas supply and bottlenecks in its transmission network.

He said that these problems culminated into erratic electricity supply, frequent power outages and persistent collapses of national grid, thereby stunting the growth of the economy.

He noted that Nigeria’s inadequate electricity supply was a hindrance to the profitability of manufacturers with an annual economic loss valued at about N10.1 trillion or two per cent share of the country’s Gross Domestic Product (GDP).

According to him, total amount spent by manufacturers on alternative energy surged from N77.21 billion in 2021 to N144.47 billion in 2022.

He, however, stated that the newly signed Electricity Act 2023, could lead to the drastic fall in the cost of alternative energy and address numerous constraints within the sector.

“MAN has always pushed for the need to charge cost-reflective electricity tariff to avoid extortion of our members.

“Fortunately, it is of great delight that this new Act fits like a glove as it will help actualise a cost-reflective tariff, considering the healthy price competition it will bring between the states and private investors.

“The country’s epileptic power supply is one of the prominent reasons for the relocation of some of our members.

“Provided the new Act adequately addresses the challenges in the power sector, we are quite optimistic that such development will encourage the inflow of manufacturing Foreign Direct Investment (FDI), boost the performance of the sector and increase the sectoral contribution to the economy,” he said.

The MAN DG added that the newly signed Act would increase Internally Generated Revenue (IGR), investment in renewable energy, improve infrastructure, stable power supply and less tax burden on manufacturers.

He also said that the empowerment of private manufacturing companies to generate their own electricity would unleash massive investment in backward integration activities, which would be a major enabler of energy security within the sector.

Ajayi-Kadir, however, urged government to consider some of the association’s recommendations to avoid truncating the benefits of the Electricity Act 2023.

“Following the removal of subsidy, this is another reflection of the boldness and commitment of the new administration towards the diversification and decentralisation of the power sector.

“However, we must tighten the security infrastructure as no investor wants to do business in a terrorised economy.

“Government has to render legal, financial and technical supports to state governments yet to establish electricity market laws, while state governments should partner with existing agencies and operators in the power sector. This is because the costs of building new power distribution networks can render the investment less lucrative.

“The success of the Act largely rests on its effective implementation; therefore, the new President should appoint a committed and incorruptible Minister of Power that has broad experience of the operations and politicking within the power sector,” he said.

Tags: Electricity
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Nissan recalls 1,150,000 vehicles in 3 months

NEC recommends legislative backing for local auto firms

Protesting workers block Ekweremadu from Senate chamber

Economic Council receives proposal for N702.9bn allowance for workers

Recommended Stories

Fight against Boko Haram excites EU, ECOWAS

No more imported textile for uniforms

July 12, 2019
Japa: Tunisia coast guards rescue more than 1,000 Africans in one night

Japa: Tunisia coast guards rescue more than 1,000 Africans in one night

March 11, 2023
Chinese company to partner African countries to advance technologies

China-Africa cooperation propels Africa’s digital economy dev’t – WTO

December 15, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

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
Call Us