For many Nigerian businesses, clean energy is no longer just an environmental choice, it is becoming a survival strategy as soaring diesel prices, unreliable grid power and rising energy bills threaten profitability. A new global survey of business executives across 18 countries shows strong support for clean electrification, with Nigerian business leaders ranking energy security and economic growth among its biggest benefits. The survey, commissioned by the We Mean Business Coalition, E3G, and the Global Renewables Alliance, found that 90 per cent of Nigerian executives believe clean electrification would boost economic growth. The findings come at a time of rising geopolitical tensions and volatility in global energy markets. More than two-thirds of Nigerian respondents said global instability is likely to push domestic energy prices higher, reinforcing the need for greater investment in clean power and modern electricity infrastructure. Across all countries surveyed, 91 per cent of executives said electrification would improve energy security. Power Crisis Continues to Weigh on Businesses Despite growing confidence in the benefits of clean electrification, unreliable electricity remains one of the biggest challenges facing Nigerian businesses. According to the World Bank, about 86.6 million Nigerians still lack access to reliable electricity, giving the country the world’s largest electricity access gap. For manufacturers, the consequences are severe. Anibe Achimugu, Managing Director and Chief Executive Officer of Arewa Cotton and Allied Products Limited, said persistent grid failures, unstable voltage, unplanned outages, and rising tariffs are threatening industrial productivity. ”Electricity has become one of the biggest threats to industrial survival in Nigeria,” he said. According to Achimugu, unreliable power regularly disrupts production schedules, damages machinery, and makes it difficult for businesses to meet delivery deadlines. In the cotton, textile, and garment industry, many factories are operating below capacity, while some have shut down because of the high cost of generating their own electricity. ”Reliable electricity is no longer merely an operational issue; it is a strategic requirement for industrialisation, employment generation, and economic competitiveness,” he said. The financial burden is equally significant. Achimugu noted that alternative power sources account for between 25 and 40 per cent of production costs for many manufacturers, with companies heavily dependent on diesel spending even more. These challenges help explain why Nigerian executives expressed such strong support for electrification in the survey. Businesses are increasingly seeking reliable, affordable, and predictable power supplies that reduce exposure to fuel price volatility. Manufacturers, Achimugu said, are exploring clean power solutions, including solar hybrid systems, captive power projects, embedded generation, and energy storage technologies, to improve energy reliability and reduce costs. However, high upfront costs, limited access to affordable financing, policy uncertainty, and infrastructure gaps continue to slow adoption. He called for stronger investment in power infrastructure, clean energy-powered industrial clusters, low-interest financing for energy projects, and the removal of import duties and VAT on equipment used to support productive activities. Small Businesses Feel the Strain The impact of unreliable electricity is also being felt by small business owners struggling to stay afloat. Moyin-Ola, who runs a barbing salon in Kwamba, Niger State, said frequent power outages have increased operating costs and made it difficult to serve customers. ”It has been very hard for us. We need the government to do something about electricity,” he said. Although he uses a low capacity solar system, he said it only provides lighting and cannot power fans or other equipment needed in the salon. ”The solar is just managing. It gives us light, but I can’t even put on fans for my customers,” he said. He added that running a generator is becoming increasingly unsustainable. With petrol selling for about N1,400 per litre and a haircut costing N700, profit margins have been severely eroded. ”We spend so much on fuel that it is difficult to make a profit and still take care of our families,” he said. At the time of the interview, he said Kwamba had been without electricity for four days, underscoring the daily challenges faced by many small businesses across the country. Clean Electrification Gains Momentum Energy experts say the shift toward clean electrification is increasingly being driven by economics rather than environmental concerns. Ahmed Abubakar, Managing Director and Chief Executive Officer of DAB
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