The Managing Director of Coleman Technical Industries Limited, George Onafowokan, has lamented the high cost of gas supplied to manufacturers despite the company’s investment of more than $20m in gas-powered electricity generation, warning that the pricing regime is undermining industrial growth and job creation.
Speaking in an interview, Onafowokan described the current domestic gas pricing as one of the biggest obstacles facing manufacturers, saying industries that generate their own electricity should not be paying $8.70 per thousand standard cubic feet of gas.
He urged the Federal Government to reduce the price to about $3.50 per thousand standard cubic feet, arguing that cheaper gas would lower production costs, improve competitiveness and stimulate investment.
“Manufacturers that have invested millions of dollars in gas-powered electricity generation should not be paying as much as $8.70 per thousand standard cubic feet of gas. Domestic manufacturers should have access to gas at significantly lower rates, around
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