The federal government has stated its resolve to incentivise local producers in the power sector.
Adebayo Adelabu, Minister of Power stated this during a facility visit to MOJEC International Limited, producers of electricity meters, at the Apapa – Oshodi Expressway head office, Lagos. He said, “90 per cent of Nigeria’s inflation is import – induced.
Nigeria should produce what it consumes, so as to minimise importation of goods and services.
“Federal government will incentivize local producers in the power sector by encouraging local production of meters. Local production will encourage job creation and less dependence on foreign exchange.”
The Minister also stated the federal government’s resolve to establish local content bill to boost in-country production of goods. “There will be local content bill for the power sector, just as it is in the oil and gas sector,” he said.
Also speaking, the Managing Director of MOJEC, Chantelle Abdul stated that out of the five million meters in Nigeria, MOJEC has installed more than half even without bank guarantees. “We need support from government. Energy security is an issue as Nigeria grows in population. More than four million homes are without electricity meters in Nigeria. This therefore explains why Nigeria needs policy that encourages local production in the power sector.”
The Managing Director also explained that MOJEC’s installers make up more than half of Nigeria’s meter installers, while the company has invested tens of millions of dollars in the power sector.
