Industrialisation in Nigeria
While Nigeria’s economy ranks the 27th largest in the world, however, the country’s economic structure still remains largely underdeveloped
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While Nigeria’s economy ranks the 27th largest in the world, however, the country’s economic structure still remains largely underdeveloped, with over-dependence on oil exports while a major fraction of the population relies on subsistence farming as a means of livelihood. There is also a heavy reliance on importation with local production and manufacturing activities operating at its minimal potential. In order for the country to achieve self-sufficiency, increase revenue, while creating jobs and further expanding its economy, promoting industrialisation in Nigeria remains critical.
ENERGY CHALLENGES IN NIGERIA
One of the major issues facing the industrial sector in Nigeria is a power shortage. With power instability and the additional costs of running off-grid solutions like generator plants, manufacturing companies in Nigeria suffer a great energy deficit that limits their ability to scale and expand operations. This energy problem also makes it difficult for smaller businesses who cannot afford more expensive energy solutions to suffer loss and inefficiency. Without an effective energy solution, industrialisation in Nigeria will remain unlikely.
THE NATURAL GAS ADVANTAGE
At present, the industrial sector makes up 27% of the country’s Gross Domestic Product while the services sector accounts for 49% and the agricultural sector, employing a third of the population generates 21% of the country’s revenue. In empowering industrialisation in Nigeria, energy is critical which is why Natural gas is becoming a viable source to meet the growing demand. Natural gas offers the primary appeal of reduced costs when compared to traditional fossil fuels; its environmental benefit as a clean-burning fuel and its advantage as an alternative electrification source. With the 10th largest natural gas reserves in the world, Nigeria possesses such a unique resource advantage that can provide self-sufficient energy to boost industrialisation, increase regional trade and facilitate economic growth.
AXXELA – A KEY PLAYER IN INDUSTRIALISATION IN NIGERIA
At Axxela, we believe ever so strongly that by improving energy availability across the country and the Sub-Saharan region we can spur industrial activities. At present our expansive gas reserves serve energy solutions to the government as well as customers in the manufacturing sector, helping them reduce their energy costs while achieving greater efficiency.
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