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.
This was just as Nigeria’s inflation has maintained steady rise with January inflation reaching 29.9 as reported by the National Bureau of Statistics (NBS).
The 21st President of the Institute, Felix Olu, made the disclosure during his Investiture weekend in Abuja.
Olu lamented the cost component of power in the production and manufacturing sector which he said was affecting the construction sector and left many projects abandoned.
He said it was the Institute believed that the cause of the whole challenge was in power supply.
Olu added: “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.