Abuja -The Manufacturers Association of Nigeria, MAN has blamed the high cost of production of goods in the country on inadequate power supply.
Mr Reginald Odinald, the Chairman of the association’s Infrastructure Committee, made the observation in Abuja at a two-day summit on energy and sustainable economic growth organised by the Energy Commission of Nigeria.
Odinald noted that power was key to the economic development of the country.
According to him, the cost of production in Nigeria is nine times higher than in China, six times in Europe and four times in South Africa.
Odinald, therefore, urged the government to provide a level playing ground for the involvement of genuine investors in the development of the power sector.
He also called on members of the Nigerian Electricity Regulatory Commission to shun corruption and carry out their duties effectively and efficiently.
The committee chairman further stressed the need for consumers of power to be educated on the efficient use of energy.
Also speaking, Dr Michael Aderohunmu, the consultant to Dudu Investment Nigeria Company, Lagos, called for the involvement of the private sector in the development of renewable energy to boost the power sector.
Aderohunmu said the development of renewable energy would make supply of energy more secure, reliable and affordable, as well as promote economic and social development.