The Minister of Power, Adebayo Adelabu, has affirmed the federal government’s dedication to supporting local meter manufacturers, aiming to enhance local content development and stimulate industrial sector growth.
Adelabu pledged his backing for domestic manufacturers during his working visit to MEMMCOL in Mowe, Ogun State, highlighting the government’s commitment to local production.
He stressed the need to support local producers by ensuring they have access to affordable financing and long-term capital.
- “We will also prioritise patronage, ensuring sustainability in their operations, aligning with President Bola Tinubu’s renewed agenda.
- “It is a must to have significant local content in power sector’s projects and contracts,” Adelabu explained.
Furthermore, he announced initiatives to implement laws ensuring local content in the power sector, as seen in the oil and gas industry, underscoring the essential need for all-encompassing backward integration and technical training efforts.
- “That is the only way local producers can be sustained.
- “But, we need to start developing capacity in terms of investment infrastructure and also ensure mass production.
- “Need to develop local capacity to avoid importation.
- “We must have comprehensive plan for full backward integration, so that the locally manufactured productst will be achieved.
- “We need to start training our people in technical training.” Adelabu said.
2.5 million meters to be installed anually in five years.
Speaking further, Adelabu explained that the Presidential Metering Initiatives plan to install 2 to 2.5 million meters yearly for the next five years.
He stated that the Initial focus is to close significant metering gaps, emphasizing the necessity for collaboration among all stakeholders.
Commending MOMAS for its contributions to bridging the metering gap, Adelabu stated,
- “MOMAS remain our proud local meter manufacturing company in Nigeria. Its investment in metering and other electrical equipment is topnotch.
- “I visited the meters manufacturing company to see how they can be supported.
- “lt’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 highly import dependence country, this are one of the reason our currency has lost values.
- “lt one of the intentions of government to ensure we are back on import substitution journey.
- “The only way we can do this is to support local manufacturers, apart from support.
- “We must also incentives them by providing conducive atmosphere that we make their production activities in terms of cost to be competitive,” Adelabu said.
