The Nigerian Institute of Electrical and Electronic Engineers (NIEEE) has lamented the high cost of electricity in the manufacturing sector which it said is affecting building and electrical materials.
Daily Trust reports that building and construction materials have been on the rise from December 2023 as prices have gone up by over 100 per cent.
This is just as Nigeria’s inflation has maintained steady rise with January inflation reaching 29.9 as reported by the National Bureau of Statistics (NBS).
Speaking during his Investiture as the 21st President of the Institute in Abuja over the weekend, Engr. Felix Olu lamented the cost component of power in the production and manufacturing sector which has affected the construction sector and left many projects abandoned.
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His words: “It is our belief that the cause of the whole challenge is in power supply because we are unable to have enough industries in Nigeria that produce building and electrical materials locally and for the global market. Therefore we import which makes the cost of items go up
“The operational cost in manufacturing the few electrical and other building items locally here in the construction sector is also very high and intolerable which is why many companies are folding up.
“This is why we are calling for urgent intervention especially in the area of power supply to our manufacturing companies because if you remove the burden of power supply, it will go a long way in reducing cost of production and will as well reflect in the items,” Olu explained.
He added that the Institute alongside other stakeholders had a conference in February where it made viable recommendations to the minister of power and will be presented to the government soon.
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