Nigeria’s Manufacturing Sector Needs Cheap Power To Compete Globally – Norwegian Envoy

Business News
By Gilbert Ekugbe
“Nigeria’s manufacturing sector can only compete globally if the sector gets cheap and stable power supply.”
The Norwegian Ambassador to Nigeria, Jens-Petter Kjemprud, stated  at a forum organised by Nigerian Norwegian Chambers of Commerce (NCNN) in Lagos.
He disclosed that Norway investors are currently making plans to increase investments in Nigeria’s oil and gas industry with focus also on the power sector.
“Nigeria needs renewable energy to take route in the country; you need to incentivize investments. The power sector needs to be regulated and organised to attract investments. There are huge investment opportunities in the power sector and there is also need to secure these investments, he said.
He explained that there is a lot both countries can do together, maintaining that the trade volume between both countries stood at $30 billion.
Also speaking at the event, the Chairman, NCNN, Chijioke Igwe, said the primary objective of the chamber is to grow the volume of business to business interaction between Nigeria and Norway, maintaining that the forum was to seek ways on how best  to tap into the resilience and discipline of the Norwegian economy.
“The chamber cuts across all industries and we are looking at creating an enabling environment for businesses in Nigeria and Norway to interact and develop projects to the benefits of both sides of the divide. We have put together a group of professionals across different sectors to engage the government on impact of policies on the economy, because most of the times, the government do not have a clear understanding of the impact of their policies on the business environments, he said.
The Consul General of Norway, Taofik Adegbite, said Nigeria must harness the technology of Norway to fast track rapid growth and development, sating the forum would give Nigerian businesses the opportunities to interact with key stakeholders of the Norwegian economy while also develop Nigerian businesses which he said are in dire need for technological development.

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