The President of the Manufacturers Association of Nigeria (MAN), Dr Ifeanyi Okoye, says the forthcoming energy summit of the association will explore affordable power solutions, financing options and energy-efficient technologies to reduce manufacturers’ operating costs.
Dr Okoye told a news conference in Lagos on Monday ahead of the 2026 Manufacturers Energy Security and Energy Efficiency Summit that the two-day summit which starts Nov. 3, has the theme “Innovative Energy for Cost-Effective Smart Manufacturing with Structured Financing”.
He explained that the summit will focus on reducing industrial energy costs, improving access to affordable gas, promoting energy efficiency and mobilising financing for alternative power solutions.
Okoye said that high electricity tariffs, unreliable supply and dependence on expensive alternative energy sources have continued to undermine industrial productivity and the competitiveness of Nigerian manufacturers.
He said that energy costs consume a significant portion of manufacturers’ resources, limiting their ability to expand production, invest in technology and compete effectively with counterparts in other African countries.
According to Okoye, the initiative will also explore ways to strengthen energy infrastructure, diversify industrial power sources and deepen public-private partnerships to promote sustainable manufacturing.
The association stated in its report that Nigerian manufacturers spent about N1.35 trillion on alternative power generation in 2025, up from N1.11 trillion in 2024.
According to the report, the expenditure reflects the financial burden on factories which are forced to supplement unreliable grid electricity with other power sources.
GIK/APA