Nigerian manufacturers have lamented over the rising cost of energy, which they said, now gulped about 40 per cent of the production cost.
This is just as the Manufacturers’ total expenditure on alternative energy sources surged to N1.11 trillion in 2024 – a 42.3 per cent increase from N781.68 billion in 2023.
The Director General of MAN, Segun Ajayi-Kadir, disclosed this in the association’s second half of 2024’s economic review. He said the development was driven by unreliable grid power and increases in prices of Diesel and PMS.
“In response to unreliable grid power and increases in prices of diesel and PMS, manufacturers’ total expenditure on alternative energy sources surged to N1.11 trillion, a 42.3 per cent increase from N781.68 billion in 2023.
“On a half-on-half basis, manufacturers spent N404.80 billion in H1 2024, which increased by 75.0 per cent to N708.07 billion in H2 2024. The Food, Beverage & Tobacco sector recorded N229.41 billion in alternative energy spending, up from N182.76 billion in 2023, while Chemical & Pharmaceutical energy costs doubled to N208.68 billion.”
