The federal government has committed to patronising local meter manufacturers to boost local content development and foster growth in the industrial sector.
Adebayo Adelabu, minister of power, spoke during a working visit to Momas Electricity Meters Manufacturing Company Ltd. (MEMMCOL), Mowe, Ogun State.
According to the minister, it is important to sustain local producers through access to affordable funding and long-term capital.
“We will also prioritise patronage, ensuring sustainability in their operations, aligning with President Bola Tinubu’s renewed agenda,” he said, adding that “it is a must to have significant local content in the power sector’s projects and contracts.”
He highlighted efforts to enact legislation mandating local content in the power sector, similar to the oil and gas industry. “That is the only way local producers can be sustained,” Adelabu said.
“But, we need to start developing capacity in terms of investment infrastructure and also ensure mass production. We need to develop local capacity to avoid importation.
“We must have a comprehensive plan for full backward integration so that the locally manufactured products will be achieved. We need to start training our people in technical training.”
The minister outlined the presidential metering initiatives’ target “of installing two million to 2.5 million meters annually over the next five years.
“MOMAS remains our proud local meter manufacturing company in Nigeria. Its investment in metering and other electrical equipment is topnotch,” he said.
“I visited the meter manufacturing company to see how they can be supported. It’s part of my visit to see how they can be supported through the meter expansion programme of the Ministry of Power.
“We know that Nigeria is a highly import-dependent country, this is one of the reasons our currency has lost value. lt is one of the intentions of the government to ensure we are back on the import substitution journey. The only way we can do this is to support local manufacturers.
“We must also incentivise them by providing a conducive atmosphere that will make their production activities competitive in terms of cost.”
Adelabu acknowledged MOMAS’ significant investment in metering infrastructure and highlighted the need to foster an environment that encourages local manufacturers to grow.
Adelabu promised to collaborate with regulatory organisations to expedite metre purchase plans, emphasising the importance of addressing the growing metering gap.