Towards ensuring a stable power supply for its members, most especially in Ikeja and its environs, the Manufacturers Association of Nigeria (MAN) is planning to spend $200million on it Independent Power Plant (IPP) programme.

Addressing newsmen during a luncheon with Commerce and Industry Correspondents Association of Nigeria (CICAN) at MAN House, Ikeja Lagos, the Chairman Infrastructure Committee, MAN, Engineer Odiah said what the associations’ plan now is to at least generate between 120 and 150 megawatt of electricity between now and a couple of months. He said the main target for now is Ikeja and its environ.

"What we plan now is between 120 and 150 megawatt and this will costs us about $200 million. We realized that most of the industries are situated in Ikeja and its environs, so this is the reason why we targeting that area for now. One thing we most learn is that it is not cheap, it is capital intensive, so we need to do it bit by bit.

He said presently, the manufacturing sector is contributing less than three per cent to the country’s GDP. He said this is due to the epileptic power supply in the country which has increased the costs of production of most of the industries.

"Manufacturers have been at the receiving end, on the lack of infrastructure. 40 to 60 per cent of our industries have closed down and this is due to poor infrastructure. We have the plan of generating about 2000 megawatt, but we’ll be doing it bit by bit," he said.

Speaking on the management of the plant, Odiah said there is an arrangement going on to see to this.

"The first thing is to set up a Special People Vehicle (SPV) .We don’t want to make mistake. We don’t want to behave like PHCN," he said.

Also addressing newsmen, the President of MAN, Alhaji Bashir Borodo said power generation in the country has been deteriorating, despite governments’ declare of state of emergency in the sector.

"The power situation in the country has gone from bad to worst and for a country that is aiming to be one of the best 20 in few years to come, I don’t see this coming into reality," he said.

Borodo also expresses his disappointment over the International Monetary Fund’s (IMF) recent economic assessment, which gave the Nigeria economic a pass mark.

According to Borodo, there are lot of areas the IMF refused to look into. He said that the IMF’s thump up for the economy is faulty because IMF lacks first- hand knowledge of the scenarios in Nigeria.

"I agreed that inflation has drop, but how does this affect other areas such as employment, railway, power sector and so on. They are silent on these.

"According to the reports, Nigerian’ producers spend between six to seven higher than its contemporary in other African. That mean its products are already over value and you says the economy is improving," Borodo said.

The IMF recently concluded its 2007 economic assessment of Nigeria under the Article IV Consultation with a verdict that the country’s economic outlook is favourable, provided appropriate policies are maintained.