In a move aimed at tackling high electricity costs and boosting industrial energy efficiency, the Energy Commission of Nigeria (ECN) has introduced a new policy and regulatory framework designed to help industrial players cut operational expenses while promoting cleaner production technologies.

The initiative, unveiled during a validation workshop in Abuja, is expected to enhance Nigeria’s industrial energy performance, aligning with the country’s push for sustainable economic growth and environmental protection. However, while the policy has been welcomed as a positive step, industrialists and analysts insist that the root cause of high energy costs in Nigeria is insufficient power generation, which remains a major bottleneck to industrial competitiveness.

The policy, titled “Improving Nigeria’s Industrial Energy Performance and Resource Efficient Cleaner Production through Pragmatic Approaches and the Promotion of Innovation in Clean Technology Solutions,” was formally launched by the Director-General of ECN, Dr. Mustapha Abdullahi.

Dr. Abdullahi emphasized that the new regulations would provide industries with the tools and knowledge to conserve energy, leading to lower electricity bills and improved efficiency.

“We are unveiling the new regulations and also a policy for industrial players to be able to use electricity and conserve it safely. With that, we are sure that electricity costs will be reduced. There are two key things here to note—energy generation and energy efficiency. If you generate energy, no matter the volume, if you are not using it efficiently, then it will be wasted,” Dr. Abdullahi said.

Nigeria’s industrial sector has long grappled with crippling electricity costs, which have hindered competitiveness and growth. By advocating for energy conservation and encouraging industries to adopt clean technologies, the ECN aims to create a more cost-effective and sustainable energy ecosystem.

Industry Players Say Insufficient Power Generation is the Real Problem

While the initiative is seen as a step in the right direction, industrialists and energy analysts argue that energy efficiency alone cannot solve Nigeria’s high electricity costs. The real problem, they say, is that Nigeria simply does not generate enough electricity to meet demand.

Currently, Nigeria generates a little over 5,000 megawatts (MW), a figure that fluctuates due to grid instability and maintenance challenges. This falls significantly short of the estimated 30,000MW required for a stable power supply in the country.

Due to the severe energy deficit, industries are often forced to rely on diesel-powered generators, which drive up operational costs and reduce productivity. The high cost of self-generated power has made many Nigerian industries uncompetitive, particularly when compared to their counterparts in countries with stable and affordable electricity.

Economists believe that if Nigeria had sufficient power generation within a fully liberalized electricity market, competition among power suppliers would naturally drive down energy costs for industries.

“Largest economy in Africa distributed just 4,118.98MW in 2021. There is no way you grow GDP without power supply. This is a problem. There has been good progress on independent solar projects, accelerate that,” Kalu Aja, a financial analyst, said.

Currently, Nigeria’s power sector remains partially controlled by the government, with price regulation limiting the ability of private players to invest aggressively in electricity generation and distribution.

ECN Launches Industrial Energy Efficiency Compendium

As part of the initiative, the ECN also launched a compendium of industrial energy efficiency policies, regulations, and standards, which serves as a consolidated resource for policymakers, industry stakeholders, and regulators.

Dr. Abdullahi described the compendium as a “living document,” meaning it will be regularly updated to incorporate new policies and technological advancements.

“The compendium is not exhaustive and will continue to exist as a living document, as it will need to be updated as new policies emerge in the future,” he explained.

This reference guide is expected to support industries in implementing energy-efficient measures, thereby enhancing productivity and reducing environmental impact.

Manufacturers Call for More Action on Power Generation

The Manufacturers Association of Nigeria (MAN) has welcomed the new energy efficiency policy but insists that addressing Nigeria’s energy crisis requires a more holistic approach.

Speaking on behalf of MAN’s Director-General, Segun Ajayi-Kadiri, the association’s Liaison Officer, Michael Olufemitan, stressed that reducing energy costs requires more than just conservation efforts.

“Our nation’s industrial sector holds significant potential to not only enhance productivity, but also reduce environmental impact through the adoption of clean technologies and sustainable practices. By focusing on resource efficiency and innovation, we can unlock new opportunities for job creation, economic diversification, and environmental sustainability,” he said.

The new policy aligns with Nigeria’s broader energy transition strategy, particularly efforts to increase the adoption of renewable energy, reduce reliance on fossil fuels, and improve energy security for industries.

While the new framework is a significant milestone, experts warn that policy announcements alone are not enough—the key challenge lies in effective implementation.

Industry players have called for increased investment in power generation to meet the country’s energy demands. There is also a growing demand for a truly liberalized electricity market that encourages competition and reduces prices.

You spent at least 4 years in the university or polytechnic, did they ever teach you anything about your personal economy? Yes, did they prepare you for yourself? Most times, schools are designed to prepare us for WORK in companies, organizations or governments.

Simply, one of the greatest surprises when I started work was this: the university system prepared me on how to utilize resources for companies, but did a very poor job on how I could run my own personal resources.

In FUT Owerri, we studied great topics in Engineering Management like Engineer Turns Manager, Managerial Accounting, etc. In all those domains, everything was on how to optimize resources for the employer (yes, the company). But none for the village boy’s Personal Economy, a more important call. That is why at Tekedia Institute, we developed a module on Personal Economy. Yes, your economy and how you can build and own it.

And with hardwork, grace and luck, that Personal Economy can work even when the National Economy or Global Economy is not firing at all cylinders. It is about strategy and planning. In the Igbo Nation, they give titles like “Ome na unwu” [one who does great things even during famine and scarcity] which means that you can find abundance even when a national or global economy is challenged.

Tomorrow, I will be teaching on “Building Investment Portfolios And Personal Economy“ at Tekedia Institute. It is always a great academic festival because we learn how to advance our own personal economies!

To register for the next edition of our program with early discounts, go here . More SMEs attend our business program than any university in Africa. Come and learn how to thrive!

Jensen Huang, CEO of Nvidia, publicly retracted his earlier skepticism about the near-term potential of quantum computing, acknowledging that he didn’t know his past comments had unintended consequences—most notably, a decline in quantum computing stocks.

Speaking at Nvidia’s “Quantum Day” event during the GTC Conference on Thursday, Huang admitted that his statements from January had been misinterpreted and that he had underestimated the impact they would have on the market.

“This is the first event in history where a company CEO invites all of the guests to explain why he was wrong,” Huang said in an attempt to lighten the situation.

Back in January, Huang’s comments at another conference sent ripples through the quantum computing industry. He had expressed doubt about the timeline for useful quantum computers, stating that 15 years was “on the early side”, while suggesting that 20 years was a more realistic expectation.

This remark triggered a sell-off in quantum computing stocks, as investors interpreted it as a vote of no confidence in the industry from one of the most influential figures in computing. Some publicly traded quantum computing firms saw their stock prices dip, further reinforcing the idea that quantum breakthroughs were not as imminent as some had hoped.

Huang later admitted that he was surprised by the reaction, joking, “How could a quantum computer company be public?”—a comment that further underscored his skepticism about the commercial readiness of the technology.

How Public Figures’ Comments Move Markets

Huang’s experience highlights a broader phenomenon: the power that public figures hold over financial markets. In the tech sector especially, comments from high-profile CEOs, government officials, or industry pioneers can trigger market fluctuations, investment shifts, and even changes in corporate strategies.

Elon Musk is perhaps the most well-known example of this effect, with his tweets about cryptocurrency, Tesla, or even random meme stocks often leading to wild swings in market value. Other executives, like Amazon’s Jeff Bezos or Meta’s Mark Zuckerberg, have also seen their words directly influence stock prices.

In Huang’s case, his January remarks on quantum computing’s future were interpreted as a signal that the industry was not progressing fast enough to be commercially viable in the near term. This led to reduced investor confidence in quantum startups, causing a market correction that likely impacted funding and business decisions across the sector.

Nvidia’s Quantum Pivot

However, Nvidia is now fully embracing quantum computing—not as a direct competitor to its GPU-powered computing business, but as a complementary technology.

The company has announced a new research center in Boston that will focus on collaborations with Harvard and MIT to advance quantum computing research. The facility will include several racks of Nvidia’s Blackwell AI servers, emphasizing Nvidia’s role in quantum simulation and hybrid computing.

Since its conceptualization in the 1980s by physicist Richard Feynman, quantum computing has been seen as a potential game-changer in fields requiring immense computational power, such as cryptography, logistics, weather simulation, and chemistry.

Unlike classical computers that use binary bits (0s and 1s), quantum computers operate with qubits, which can exist in multiple states simultaneously due to quantum superposition. This makes them theoretically capable of solving problems far beyond the reach of traditional computers.

However, despite decades of research and billions in investments, quantum computing has yet to achieve a real-world breakthrough. No quantum computer has outperformed a classical system in solving a practical, commercially viable problem.

Even Google’s 2019 quantum supremacy claim—where it said its quantum processor solved a problem faster than a classical supercomputer—has been met with skepticism. While Google reported advancements in error correction last year, truly scalable error-free quantum computing remains a distant goal.

Why Nvidia is Betting on Quantum Despite the Challenges

While fully functional quantum computers may still be years away, Nvidia sees strategic opportunities in the space. The company’s GPUs and AI-driven simulations are already being used to model quantum computing behavior, making Nvidia an essential partner in quantum research and hybrid computing.

Some quantum architectures may also require classical computing components to manage and interpret quantum calculations—an area where Nvidia could play a crucial role.

Microsoft and Amazon Web Services, both of which have made major investments in quantum computing, joined the discussion at Thursday’s event, highlighting the growing intersection between traditional computing giants and emerging quantum players.

Huang’s Final Take

During a panel discussion, Huang reflected on his own past miscalculations about computing trends, acknowledging that he had previously believed GPU-based accelerated computing would completely replace traditional computing architectures.

“I was wrong,” he admitted, adding that quantum computing could follow a similar trajectory of gradual adoption rather than a sudden overhaul of existing systems.

Nvidia is now firmly positioning itself as a key enabler of quantum advancements. While the quantum computing industry still faces technical and commercial hurdles, Nvidia’s latest moves suggest that Huang and his company are betting on the technology’s eventual breakthrough—whenever that may be.

Nvidia CEO Jensen Huang admits he missed the mark on quantum computing’s future. He backpedaled comments he made in January, when he said “useful” applications for the technology are 20 years away. His remarks at the time sent quantum computing stocks tumbling. But during Nvidia’s “Quantum Day” event on Thursday, Huang revised his projected timeline and said “this is the first event in history where a company CEO invites all of the guests to explain why he was wrong.”