Rising energy cost push manufacturer to brink of collapse.
Energy or power poses as a vital factor in the manufacturing sector, aside a revenue generation scheme it forms the basis for goods introduction and job creation. Currently the sector in Nigeria is facing economical menace associated with the hike in cots of energy, and other pending constraints, driving up production and logistics costs thus putting the future at risk
Manufacturers, in calling the attention of the respective authority towards the impact of the rising cost of energy, which has seen pump price of petrol to #1,100 per liter and the power bill hikes by 212 percent for ‘Band A’ consumers over the 11 months
The Manufacturers association of Nigeria with this regard has labelled the hike in power tariff as detrimental to economic growth and in its quest for survival, and with a step further has filed a legal action in Lagos against the Nigerian Electricity Regulatory Commission (NERC).
The association sought four reliefs: that But each were met with a setback to the manufacturers’ efforts to reverse the electricity tariff to its previous price, the court struck out the case. During a sitting on 7th October 2024, the Federal High Court ruled that MAN’s suit was an abuse of court process being premature and without due regard to the provisions of section 51 of the Electricity Act 2023.
What would help the Manufacturers association of Nigeria now?
