By Modupe Gbadeyanka

The ban earlier placed on mining in Zanfara State by the federal government has finally been lifted after five years.

This information was disclosed by the Minister of Solid Minerals, Mr Dele Alake, during a chat with journalists on Sunday.

He said miners were free to recommence mining exploration in the state after an improved security situation.

Recall that the federal government under the immediate past administration of Mr Muhammadu Buhari stopped mining operations in Zanfara State as a result of rising insecurity caused by terrorists, often described as bandits by the government.

The Minister, while speaking yesterday, said there have been “significant security improvements” in the state, which necessitated the new development.

He also said the federal government decided to lift the bank after “recognising the state’s vast mineral wealth, including gold, lithium, and copper, which could greatly benefit our national economy.”

According to him, the previous ban, intended to address security concerns linked to illegal mining and banditry, inadvertently allowed illegal miners to exploit the nation’s resources.

“With the lifting of the ban, I believe Zamfara’s mining sector can now contribute meaningfully to national revenue and enable better regulation of mining activities, combating illegal operations more effectively.

“Looking ahead to 2025, we aim to introduce policies to revitalize the mining sector, consolidate reforms, and create a more favourable investment environment for sustainable growth,” Mr Alake, a veteran journalist, stated.

Managing resources efficiently is essential for businesses aiming to maintain a competitive edge. Rising energy costs, fluctuating commercial gas prices, and increasing business electricity tariffs can significantly impact profitability. A successful energy management strategy helps companies control business energy bills, optimise usage, and implement energy-efficient measures.

Utility Bidder has shown how proactive energy management can support businesses in achieving financial stability and sustainability. This article explores the significance of energy management and shares actionable strategies to help businesses improve energy efficiency and reduce energy costs.

Why Energy Management is Crucial for Business Success

Energy management is central in determining how businesses perform in the long run. With energy supply becoming more unpredictable and energy costs rising, organisations that fail to adopt effective energy-saving measures risk falling behind.

Efficient energy usage impacts financial health and aligns with growing consumer demand for sustainable practices. Implementing efficient appliances and equipment allows companies to cut operational costs and demonstrate their commitment to reducing environmental footprints.

Consider the challenges businesses face with rising business gas and business water prices. For example, the recent increase in electricity tariffs has forced many companies to reevaluate their energy consumption patterns.

According to a report, nearly 40% of manufacturing firms’ operating costs stem from energy usage. Implementing strategies like switching to renewable energy sources, utilising energy-efficient equipment, and monitoring air conditioning systems has helped such businesses significantly reduce energy bills.

Key Energy Management Strategies

Conduct Regular Energy Audits

An energy audit provides a comprehensive view of energy consumption and identifies inefficiencies. For instance, a retail chain conducted a detailed audit and discovered that outdated lighting consumed 20% more energy than modern LED alternatives. After implementing energy-efficient measures, the company saved over $15,000 annually.

Upgrade to Energy-Efficient Appliances and Equipment

Investing in efficient equipment is a proven way to reduce energy costs. Appliances with high energy efficiency ratings, such as ENERGY STAR-certified air conditioning units, can lower energy bills while enhancing performance. Upgrading HVAC systems can save businesses up to 25% on energy costs annually.

Monitor and Optimise Energy Usage

Advanced monitoring systems allow businesses to track energy consumption in real-time. Companies can identify peak usage periods by analysing patterns and adjusting operations to save money. For example, a manufacturing plant reduced energy consumption during non-peak hours and cut costs by 15%.

Embrace Renewable Energy Sources

Adopting renewable energy can shield businesses from volatile commercial gas prices. Solar panels, wind turbines, and geothermal systems are excellent options for companies looking to reduce dependency on traditional energy supply sources. A logistics firm, for instance, reported a 30% reduction in energy bills after installing rooftop solar panels.

Train Employees on Energy-Saving Practices

Encouraging employees to adopt energy-saving habits is another effective strategy. Turning off equipment when not in use and maintaining optimal thermostat settings are simple yet impactful steps. A case study showed that such practices saved a company over $10,000 in annual energy costs.

Negotiate Competitive Energy Contracts

Collaborating with suppliers to secure favourable rates can help businesses manage energy spending effectively. For example, businesses that actively compare commercial gas prices can often secure deals that align with their energy needs and budget. As highlighted here, the impact of rising electricity tariffs on businesses underscores the importance of such proactive measures.

Use Technology for Automation

Automation tools such as smart thermostats and motion-activated lighting systems improve energy efficiency by adjusting settings based on real-time data. Companies using such tools report significant cost savings while maintaining operational efficiency.

Practical Insights

To further cut costs, businesses can explore additional opportunities as described here.

Benefits of a Successful Energy Management Strategy

1. Cost Savings: Improved energy efficiency measures lower operational costs and helps businesses reinvest savings in growth opportunities.
2. Environmental Impact: Embracing renewable energy sources reduces carbon footprints and meets sustainability goals.
3. Operational Resilience: Optimised energy usage ensures businesses can handle market fluctuations without compromising performance.

Final Words

Energy management is no longer optional for businesses thriving in a volatile market. A thoughtful approach to energy usage, from conducting audits to investing in energy-efficient equipment, can help companies reduce energy spending and achieve long-term sustainability.

FAQs

1. How can small businesses benefit from energy management?

Small businesses can lower energy bills by adopting energy-efficient appliances and negotiating cost-effective contracts. These practices improve operational efficiency and reduce overheads.

2. Are renewable energy sources viable for all industries?

Yes, industries like retail and manufacturing benefit greatly from solar panels and wind turbines. They are scalable and can be customised to meet energy needs effectively.

3. What tools help in monitoring energy consumption?

Smart meters, energy management software, and IoT-enabled devices provide real-time data, enabling companies to adjust usage patterns and save money effectively.

By Aduragbemi Omiyale

The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has called for people-centric leadership, stressing this is the only way to navigate the multifaceted challenges of a globalized world.

He made this submission at the Taj Lands End Leadership Summit in Mumbai, India through his thought-provoking keynote address.

“Leadership is not just about the boardroom; it is about showing up authentically in every aspect of life,” Mr Popoola stated at the event themed Authenticity, Leadership, and Hope for the Future, reflecting on the vital role of spirituality and lifelong learning, crediting these pillars for providing strength and resilience during periods of uncertainty.

The summit provided a platform for the Nigerian business leader to share a narrative that was equal parts personal and strategic.

The views of the NGX Group chief reflected his diverse life journey, which spans an upbringing in the United Kingdom and Nigeria, a robust academic foundation in chemical engineering and finance, and a career marked by leadership excellence across continents and sectors.

He highlighted how these experiences shaped his global perspective and ability to drive innovation within complex organizational structures.

According to him, leaders must embrace self-awareness and empathy to build cohesive teams capable of delivering exceptional outcomes.

As the leader of one of Africa’s most prominent stock exchanges, he underscored that the strategic act of hiring and retaining the right talent and fostering a culture of collaboration is pivotal for long-term success.

Drawing from his experiences, he shared how challenges in leadership have been mitigated through lessons learned from mentors and the wisdom found in books, both of which continue to shape his decision-making process.

However, Mr Popoola expressed optimism for the future, particularly in developing nations like India and Nigeria, describing the youth in these regions as untapped reservoirs of innovation and growth, urging leaders to strategically invest in their development to unlock transformative potential.

He further articulated a clear vision for leadership that resonates across industries and geographies. He called on leaders to prioritize authenticity, champion continuous learning, and harness the power of human capital to address both immediate challenges and future opportunities.

His address was not only a call to action but also a strategic framework for navigating the evolving dynamics of global leadership.