23rd March, 2024
The Federal Government has pledged its commitment to patronising local meter manufacturers in boosting local content development and fostering growth in the industrial sector.
Mr Adebayo Adelabu, the Minister of Power, assured support for local manufacturers investing in domestic production during a working visit to Momas Electricity Meters Manufacturing Company Ltd. (MEMMCOL), Mowe, Ogun State.
Adelabu emphasised the importance of sustaining local producers through access to affordable funding and long-term capital.
He said, “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.”
He highlighted plans to introduce legislation mandating local content in the power sector, just like the oil and gas industry, stressing the necessity of comprehensive plans for full backwards integration and technical training.
Adelabu said: “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.”
The minister outlined the Presidential Metering Initiatives’ target of installing two million to 2.5 million meters annually over the next five years.
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 vulues.
“lt’s one of the intention 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.
(NAN)