Friday, 19 June 2015

Industrialists spend N3.5tn annually on power —MAN

The Chairman, Manufacturers Association of Nigeria, Kwara State chapter, Omolola Olobayo, on Thursday said manufacturers in Nigeria spent over N3.5tn annually to power their industries and other associated transport cost.
She stated that such a colossal amount spent on diesel and premium motor spirit was impeding industrial activities as well as increasing the prices of goods.
In an interview with our correspondent in Ilorin, she stated that MAN members would present a position paper for President Muhammadu Buhari’s new government on the issue.
Olobayo said,“Manufacturers are even spending more than N3.5tn annually on generator diesel and petrol. It is greatly affecting production.
“Infact, it has made many manufacturers to even close production already. It is not easy for manufacturers to survive the high cost of energy.
“For some of us, the energy cost is about 40 per cent of manufacturing cost. It is a very pathetic thing.
“The best thing that can happen to Nigerian manufacturers is actually for the government to work on our power system so that we get light,”she added.
She appealed to the Federal Government to fix power challenges in the nation.
Olobayo also urged the government to revamp the nation’s refineries so that petreoluem products would be refined in the country .
According to her, this will reduce the cost of production, expand production chain as well as increase employment opportunities for Nigerians.
“We are really hoping that the new government will revive the refineries so that we can refine in the country because most of the problems they are talking about is the cost of bringing it into Nigeria.
“As we have our own refineries and we have been doing it before, I see no reason why we cannot go back to running our own refineries and make all things cheaper,” Olobayo said.

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