Despite the importance of energy to Nigeria’s economy, low access to modern energy services remains one of the principal constraints to the country’s economic development, the United Nations Industrial Development Organisation (UNIDO) has said.

The UNIDO National Programme Coordinator, Environment & Energy, Oluyemi Banjo, said the economic impact of Nigeria’s unreliable grid operations is estimated at $28 billion.

He said Nigeria has one of the highest energy poverty rates in the world, with 47 per cent of her population not having access to grid electricity and those who do have access, face regular power cuts.

Banjo spoke during a ‘Public-Private Dialogue Session for Chief Executive Officers (CEOs) and Relevant Government Agencies on the Global Environment Facility (GEF)-UNIDO Industrial Energy Efficiency (IEE) and Resource Efficient Cleaner Production (RECP) Project’ held yesterday (Wednesday) in Lagos.

The GEF-UNIDO IEE and RECP Project was aimed at driving the adoption of energy efficiency by industries in order to increase production efficiency by reducing energy use and by implication, cost; enhance environmental and social management, and optimize the use of natural resources.

The dialogue session was organised in partnership with Manufacturers Association of Nigeria (MAN), and was exclusively for CEOs of companies operating within five sectors including Food and beverage, Basic Metal, Wood, Textile & Lather sectors, and the Petrochemical sub-sector.