Manufacturing in Nigeria in 2014 is not optimistic
Recently, the Nigerian media on Nigeria's manufacturing industry in 2014 the development prospects of the comments, that is not optimistic.
Since several indicators indicate that the manufacturing industry in 2014 will not have a good life, those who are optimistic about the manufacturing sector next year, people should think twice.
Although a small number of analysts saw some faint hope, the state of the power sector, the rigid stance of the central bank on interest rates, the shift of people's attention from economy to politics, the International Monetary Fund (IMF) The state project is about the manufacturing industry, and of course there are other factors that all show another situation.
For the natural economy of Nigeria, the power sector appears to be the most critical investment sector. Sustained power supply is considered to be the key to reducing production costs, gaining sustained competitiveness and profitable growth. Recently, the National Electricity Company of Nigeria (PHCN) was handed over to the private sector. This successful experience fueled the hopes of local manufacturers to increase their output to tap into potential markets in Africa, South America and Asia.
But recent warnings from experts about the impossibility of obtaining a stable electricity supply by 2017 have made such hopes dull. According to them, the inevitable challenge of auditing on power meters and transformers, upgrades of transmission grids, and human resource training requirements hinders stable power supply.
ReubenOkeke, director of the Nigerian National Electricity Training Institute, said recently that even if the power plant project could boost electricity supply to the national grid in the long run, it would take three years to make a significant improvement. Other analysts believe that a stable supply of electricity will take four years.
But that's not all. Electricity supply conditions have worsened after the privatization of the State Power Company due to worker strikes and logistics. Unless there is a bold way to solve these problems, otherwise this situation will continue until next year. This suggests that manufacturers in this country are also suffering from high electricity costs (which may be higher) for production, of course, production costs will become high.
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