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The Commissioner for Energy in Ondo State, Razaq Obe, has stated that manufacturers will need to adapt to paying higher prices for electricity in order to receive better value.
He mentioned that although it might take some time for manufacturers to adjust to recent tariff increases, they would ultimately benefit from obtaining electricity from Distribution Companies (DisCos) rather than generating power through purchasing AGOs.
Obe also highlighted the significance of the profitability of DisCos in growing the market and ensuring its sustainability, despite the high cost of electricity generation.
Additionally, speakers at a recent energy seminar, including the Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, and LCCI President, Gabriel Idahosa, emphasised the need for strategic initiatives, collaboration, and innovation to achieve sustainable energy in Nigeria.
Ogunleye also stressed the importance of a sustainable electricity market for Lagos State and acknowledged the challenges of insufficient generation capacity, aging infrastructure, high transmission losses, and inadequate distribution networks.
He also pointed out the opportunities within these challenges, driven by global advancements in renewable energy and innovative business models.
EOgunleye recommended increasing electricity generation through a combination of traditional and renewable energy sources.
