Producers spend N71.22bn on different energy supply

The Manufacturing Affiliation of Nigeria (MAN) has revealed that its members within the nation spent

The Manufacturing Affiliation of Nigeria (MAN) has revealed that its members within the nation spent a complete of N71.22 billion on shopping for diesel for different energy in 2021.

It famous that it’s members saved N10.69 billion on this value in comparison with N81.91 billion expenditure in 2020.

President of MAN, Engr. Mansur Ahmed who disclosed this on Thursday in Lagos, nonetheless, famous that the price of offering different energy was nonetheless very excessive.

He mentioned, “Our survey confirmed that the typical every day provide of electrical energy has been steady at 11 hours and energy outage, thrice per day respectively, nonetheless, the N71.22 billion is on the excessive aspect.”

He additionally added that the billions spent on vitality threw manufacturing value construction overboard, eroded working capital and impacted on capability utilisation.

“In abstract, it prompted the loss in manufacturing and ate into the underside line,” he said.

Moreover, Ahmed in MAN’s evaluation of the financial system in 2021 famous that producers’ big expenditure on different vitality supply constitutes between 30 and 40 per cent of their value construction.”

“Between July and December, 2021 within the sector, expenditure on different vitality supply dipped to N45.04 billion from N57.75 billion recorded within the corresponding half of 2020. The drop signifies N12.71 billion or 22.0 per cent decline over the interval.

It’s nonetheless a rise of N12.86 billion or 40 per cent over N32.18 billion of the previous.”

Ahmed additionally said that knowledge collected in…

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