Lagos, March 24, 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, during a working visit to Momas Electricity Meters Manufacturing Company Ltd. (MEMMCOL), gave the assurance to local manufacturers investing in domestic production in 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.
According to him, initially to address significant metering gaps, stressing the need for collaborative efforts from 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 vulues.
“lt 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 expressed.
He acknowledged MOMAS’s substantial investment in metering infrastructure and emphasised the importance of creating a conducive environment for local manufacturers to thrive.
Impressed by MOMAS’s commitment to local content, Adelabu promised to engage with regulatory bodies to expedite meter acquisition plans,
underscoring the urgency of addressing the widening metering gap.
He urged other Nigerian businesses to emulate MOMAS’s dedication to local content development, emphasising the government’s commitment to promoting self-reliance and reducing dependence on foreign goods.
In response, Mr Kola Balogun, Chairman of MOMAS, expressed appreciation for the minister’s support and stressed the need for sustained government commitment to local industries.
Balogun highlighted MOMAS’s capability in meter manufacturing and called for increased government support to facilitate raw material procurement and potentially explore export opportunities.
As the nation’s sole Original Equipment Manufacturer (OEM) in meter production, he said that MOMAS is poised to meet Nigeria’s metering needs.
He advocated for continued government patronage to support its investment in the country’s industrial development.
We design meters from scratch and that capability not in doubt because we complied with all the various standards that Nigeria has set and also global best practices in terms of design.
“Virtually all DisCos are our partners. We also supply meter to Liberia, Sierra Leone and other African countries, but the volume Nigeria needed supersedes any volume in Africa,” he said
Balogun said: “The local patronage is still very much needed to be able meet up the investment threshold that we have done in the country today.
“We are the only Original Equipment Manufacturer (OEM) in the country. We design from scratch, which is an embedded conceptualisation in engineering.
“That is the capability we have brought to the country. It also behoves on the government to leverage on this and patronise us,” Balogun added.
