The Manufacturers Association of Nigeria (MAN) have revealed that firms in the country spent over N120b for alternative energy sources to power their businesses in 2016.
According to MAN’s Director of Economic and Statistics Department, Oluwasegun Osidipe, who said this, the figure increased from what was used by firms in the country in 2015.
He added that the energy cost was as 36 percent of total production cost of the firms.
“MAN survey shows that member-companies estimated annual expenditure on alternative energy source was N129.95 billion in 2016 from N58.82 billion recorded in 2015,”Sodipe said.
“If this amount is aggregated with billions that are paid to Discos annually, expenditure on electricity by our members, no doubt, is colossal.
“Strangely, despite the paucity in electricity supply, tariff has been increasing leading to huge amount being paid to Discos by our members on monthly basis. Our members have for long resorted to self-energy generation notwithstanding the associated huge cost.”
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