The Federal Government has revved its current drive to improve production capacity of local companies on electricity meters with the meeting with indigenous manufacturers, assuring them of its readiness to give them support to double their production capacities.
The Minister of Power, Adebayo Adelabu, who spoke on the government’s readiness to enhance the nation’s meter production during his the meeting with meter manufacturers at the weekend, maintained Nigeria was aiming to bolster national self-reliance and possibly end meter importation soon.
According to him, the Ministry is working on strategic plans for a comprehensive import substitution strategy to fortify the country’s economic resilience.
Adelabu, during his facility tour of Momas Electricity Meter Manufacturing Company Limited (MEMMCOL) highlighted the benefits of import substitution, including job creation, technological advancement and enhanced economic stability.
On the vulnerabilities of the country from over-reliance on imports, the minister underscored the imperative of fostering indigenous capabilities to promote local manufacturing and innovation, lamenting that over 90% of the hardships in the country is due to import dependency.
He said: “We will stop import substitution by supporting local production, which will reduce dependency on importation by encouraging and supporting our local producers, incentivising and patronising them.”
Adelabu maintained that by prioritising domestic production over imports, it would strengthen the nation’s industrial base and stimulate sustainable growth amid a global climate of economic uncertainty, fostering self-sufficiency and mitigating external risks.
He clarified: “Apart from supporting and encouraging them, we must also incentivise them by providing the conducive atmosphere that will enhance their production activity in terms of cost. Another consideration is to be competitive with the imported products, and, lastly, we need to patronise our local manufacturers.
“I’m impressed with what I’ve seen. I’ve seen the production process here, and I can confirm to you that I’m quite impressed with the local content of the products of MOMAS.
“Sincerely, I never believed they had such production technology. Even over 80 per cent of the content is done locally, so I’m quite impressed”, the minister added.
In his remarks, Chairman of MEMMCOL, Kola Balogun, commended the minister’s initiative to reaffirm confidence in local capabilities, adding that this demonstrate the President Bola Tinubu-led administration’s commitment to ensuring that local meter manufacturers are supported with the necessary resources to enable them meet local meter demands in terms of volume and contribute more to Nigeria’s manufacturing sector.
