{"id":98750,"date":"2021-10-27T13:51:33","date_gmt":"2021-10-27T12:51:33","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=98750"},"modified":"2021-10-27T13:51:33","modified_gmt":"2021-10-27T12:51:33","slug":"no-business-can-survive-in-nigeria-without-generators-afdb-president","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/10\/27\/no-business-can-survive-in-nigeria-without-generators-afdb-president\/","title":{"rendered":"No business can survive in Nigeria without generators &#8211; AfDB president"},"content":{"rendered":"<p>President of the African Development Bank (AfDB), Akinwumi Adesina has stated that the lack of reliable power supply is affecting the growth of industries in Nigeria.<\/p>\n<p>This was stated on Tuesday by Adesina while<span data-preserver-spaces=\"true\">\u00a0speaking at the 49th annual general meeting of the Manufacturers Association of Nigeria (MAN) in Abuja.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Quoting a report by the International Monetary Fund (IMF), Adesina said the country loses $29 billion annually, which is about 5.8 percent of its gross domestic product (GDP) due to a lack of reliable power supply.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also added that Nigerians spend $14 billion yearly on <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/10\/19\/fg-budgets-n104bn-to-maintain-purchase-generators-in-2022\/\">generators<\/a> and fuel.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cToday, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal,\u201d Adesina said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTraveling on a road one day in Lagos, I saw an advertisement on a billboard which caught my attention. It was advertising generators, with the bold statement \u201cwe are the nation\u2019s number one reliable power supplier!\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Adesina said the manufacturing sector in Nigeria is faced with numerous challenges; chief among them is power supply.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTo be a manufacturer in Nigeria is not an easy business. You succeed not because of the ease of doing business, but by surmounting several constraints that limit industrial manufacturing,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cToday, the major challenge facing Nigeria\u2019s manufacturing is the very high cost and unreliability of electricity supplies. Load shedding and the inconsistent availability of electrical power have resulted in high and uncompetitive manufacturing costs.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Noting that Nigeria focuses on the model of import substitution, he lamented that the manufacturing sector represents only three percent of total revenue from exports, but accounts for 50 percent of imports.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He advised the country to create wealth through a greater export market and value diversification.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The AfDB president further said that unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain uncompetitive.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere should be massive investments in variable energy mixes, including gas, hydropower resources and large scale solar systems to ensure stable baseload power for industries, to direct power preferentially to industries, and to support industrial mini-grids to concentrate power in industrial zones,\u201d he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn addition, we should develop more efficient utilities, reducing technical and non-technical losses in power generation, transmission and distribution systems.\u201d<\/span><\/p>\n<p>Adesina explained that the Africa Continental Free Trade Area (AfCFTA) presented a huge opportunity for Nigeria to drive an export-driven industrial manufacturing pathway.<\/p>\n<p><span data-preserver-spaces=\"true\">He said Nigeria should respect the rule of law for illegal imports not to happen.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe size of the free trade zone, with a collective GDP of 3.3 trillion dollars, makes it the largest free trade zone in the world by the number of countries,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe must be ready to seize the opportunity and become a key player based on our massive potential.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President of the African Development Bank (AfDB), Akinwumi Adesina has stated that the lack of reliable power supply is affecting the growth of industries in Nigeria. This was stated on Tuesday by Adesina while\u00a0speaking at the 49th annual general meeting of the Manufacturers Association of Nigeria (MAN) in Abuja. Quoting a report by the International [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":4582,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[11619,20266,12091,14603],"class_list":["post-98750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-afdb-president","tag-generators","tag-industries","tag-manufacturers-association-of-nigeria-man"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>No business can survive in Nigeria without generators - AfDB president<\/title>\n<meta name=\"description\" content=\"President of the African Development Bank (AfDB), Akinwumi Adesina has stated that the lack of reliable power supply is affecting the growth of industries in Nigeria.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/10\/27\/no-business-can-survive-in-nigeria-without-generators-afdb-president\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No business can survive in Nigeria without generators - AfDB president\" \/>\n<meta property=\"og:description\" content=\"President of the African Development Bank (AfDB), Akinwumi Adesina has stated that the lack of reliable power supply is affecting the growth of industries\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/10\/27\/no-business-can-survive-in-nigeria-without-generators-afdb-president\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-27T12:51:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/03\/kunlenet07\/2021\/03\/14\/Akinwumi-Adesina.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/10\\\/27\\\/no-business-can-survive-in-nigeria-without-generators-afdb-president\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/10\\\/27\\\/no-business-can-survive-in-nigeria-without-generators-afdb-president\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/db8593431a99b3751c40316ba4b4a452\"},\"headline\":\"No business can survive in Nigeria without generators &#8211; 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