Ekeh, Zinox Advocates Alternative Energy in Face of Oil Slump

Mr. Leo Stan Ekeh, chairman of Zinox Group, has urged Nigerians to embrace a smarter approach to managing rising costs of living and doing business because of the present economic crunch occasioned by the fall in crude oil prices and depreciating value of the local currency.

Ekeh who commended the on-going reforms in the energy sector, pointed out that power supply remains a major source of expenditure for homes and businesses and has urged Nigerians to consider more reliable and cheaper sources of alternative energy.

He spoke at a telecoms conference organized by Nokia Networks in Lagos.

“Falling oil prices and the sliding value of the naira means less revenue for the government and reduced public spending. This is a period of pocket-tightening as the luxury of the times cannot continue. As the economy falters, we must also adjust by applying smart, common-sense survival tips.

“One major area that comes to mind is energy cost. You cannot run a business without power. Our homes too require constant electricity but if you do the math, you will realize that a lot of Nigerians incur huge monthly expenses for electricity which an alternative energy source can deliver more efficiently and at a significantly lesser cost.”

While explaining that he had been able to leverage on alternative energy through iPowerPlus (certified inverters, batteries and smart solar) to cut his monthly energy bill of over N850, 000 by 50%, Ekeh decried the wasteful culture of some Nigerians while  emphasizing the need to explore prudent and ingenuous ways of navigating the current economic crunch.

“As a people, we cannot afford to go on being wasteful and expect to survive the crunch. Instead, we must become more resourceful, fiscally intelligent and find creative means of cutting down on our cost of living and doing business.”

Ekeh, who chaired the telecoms conference which had in attendance representatives of major players in the industry including Chief Executive Officer (CEO) of Etisalat Nigeria, Mr. Matt Wilshire; Managing Director, Airtel Nigeria, Mr. Segun Ogunsanya; MTN’s Corporate Services Executive, Mr. Wale Goodluck and Nokia’s Head of Central, East and West African sub-region, Mr. David Gaul, noted that the huge cost of doing business in the country would be lowered significantly once the nation achieves constant supply.