FG supports local industries to close metering gap

PLACE YOUR ADVERT HERE

Adebayo Adelabu, the Minister of Power, stated that the Federal Government has given an assurance of its commitment to providing a 24-hour power supply in the country as it has taken critical steps to bridge the gaps in energy infrastructure, ensuring the availability of prepaid metres to all electricity consumers.

Adelabu revealed this during a recent visit to the Lagos office of CWG Plc, a company pioneering smart metering technology in Nigeria.

The Minister said his visit was evidence that the government is ready to support local industries.

We all know that we have a huge metering gap, and the government is determined to reduce this over time. I mentioned a couple of metering initiatives that we have all witnessed – the Meter Acquisition Fund, the Meter Acquisition Programme, the Mass Acquisition Programme, and lately, the Presidential Metering Initiative.

So, we have a huge metering gap to fill. And the mandate of the PMI is to ensure that in the next five years, an annual acquisition of 2 million meters minimum must be carried out,” Adelabu said.

According to him, local meter manufacturing companies must play a major role in reducing the importation of everything needed to close the metering gap, he stated that local industries are germane to the sustainability of the industry.

The minister maintained, “And beyond this, for the sustainability of the industry, provision of meters for future use and maintenance of already installed meters, we need the local industry. The government has vowed to support the industry for several reasons.

The number one reason is to reduce the pressure on the foreign exchange requirements for importation. The second is for job creation. When you add value here locally, you will employ our people and a lot of households will be provided for.

“For reasons of technology transfer, our people must be trained to be able to support the local industry. And lastly, the reason of human capacity development,” he stated.

He added, “The number one support that you require is patronage. If you know that when you manufacture products locally there is a market where you sell them, it’s an incentive for you to continue to produce.

“In terms of availability of foreign exchange to import parts. Our raw material is required for local assembly. The government will need to prioritise the electricity supply industry. So, the little efforts you require will be made available. For those that need parts, credits, concessional credits will also be made available.”

The Nigerian Electricity Regulatory Commission said in a report that only 5.86 million of the 13.1 million electricity customers were metered, leaving a metering gap of over 7 million unmetered customers.

PLACE YOUR ADVERT HERE

Popular Related

NECA to train youths in ICT

Mr Adewale-Smatt Oyerinde, the Director General of the Nigeria Employers’ Consultative Association, says Nigerians Employer's Consultative Association are set to train 35 youth through...

SEC to unveil plans for capital market

The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama is set to outline the vision for the Nigerian capital market at...

Builder’s reject N8,000 cement price

Developers in the built industry have turn down the agreement  between the Federal Government and the Cement Manufacturers. It was fix at the meeting that...

Food prices will crash soon, FG declares

The Federal Government officially unveiled that high food prices currently burdening the nation would soon crash based on its commitment to ensure food security...

Lagos mandates tax clearance for housing transactions

The Lagos State Government has mandated that tax clearance will now be an essential document for any housing transactions within the state to prevent...

SEC guidelines made banks’ recapitalisation transparent – DG

Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission, said it's guidelines released by the commission prior to the banking recapitalisation exercise...

Global Money Week: NGX boosts financial literacy among students

The Nigeria Exchange Limited has organized a conference to develop the financial literacy level of students in Lagos to mark the Global Money Week...

Tinubu approve infrastructure devt fund, FG eyes $25bn annually

In line with the Renewed Hope Agenda of President Tinubu's led administration, On Monday, he gave approval for the Infrastructure  Development Fund in order...

Kaftan TV appoints former Ogun State commissioner CEO

The Board of Directors of KAFTAN Television has appointed former Commissioner for Information and Strategy in Ogun State, Abdulwaheed Odusile, as its new Chief...

Cost of cooking jollof rice in Nigeria rises by 13.7%

The average cost of cooking a post of jollof rice for a Nigerian family of five has increased from N10,882 to N12,373, an increase...