The Federal Government is opening up business prospect for more Nigerians to engage and invest in local manufacturing of meters with a view to boost the nation’s power sector.
Mr. Babatunde Fashola, Minister of Power, Works and Housing, who disclosed this Thursday during an official inspection of the National Meter Test Station in Oshodi, Lagos, explained that the Federal Government hopes to address meter issue more vigorously this year with regulations that will open up the business to many more Nigerians.
According to him, the development would reduce the pressure on electricity distribution companies (DISCOs) on meter supply in the country.
“The core business of DISCOs is to transport energy, their business is not to supply meters. The government will address metering more vigorously this year with regulations which will open up business in metering to more investors’’, he added.
The minister said that Nigeria meter journey from 1950 showed that consumers depended on meters from foreign countries.
“We have seen Nigeria meter journey, the meter from 1950 to date, meters from Greece, Japan, Britain and China, this has shown that how our industry totally depends on meters from foreign countries.
“But now, we are beginning to see meters from local manufacturers like Mojec and Moman, that is a good place to be. At present we have over 100 million telephone subscribers in Nigeria, but let me ask you, how many telephones are made in Nigeria? We spent millions of naira to buy telephone from China and still we will go back and borrow money from China.