FG Advocates Improved Financing to Increase Prepaid Metering
The Vice-President, Professor, Yemi Osinbajo has called for increased financing in the power sector to improve the number of prepaid meters that the Distribution Companies (Discos) need to deploy across the country.
Osinbajo, who disclosed this recently in Lagos, during his visit to Mojec International (local manufacturer of prepaid electricity meters), noted the need to bridge the financing gap which he said has to change so that the local meter manufacturers, the discos and the end users can benefit maximally.
He expressed confidence that the administration of President Muhammadu Buhari was putting measures in place to bridge the funding gap in the deployment of more prepaid meters to household, saying, “without a doubt, it is not just a potential anymore, we are faced with the pleasant realities. But in metering, we are way ahead in manufacturing locally.”
Osinbajo, who expressed delight at Mojec’s efforts in producing prepaid meters, added that Ladol’s $16 million investment was also worthy of commendation and significant to the economy.
He explained that the Ladol investment which is 100 per cent Nigeria and privately owned, was a demonstration of the commitment of the federal government to provide infrastructural framework for businesses that are private sector led to succeed.
According to Osinbajo, who also inaugurated Mojec New Meter Box on his visit, “The manufacturing of prepaid meters is excellent. I am extremely proud of what I am seeing here and of course at Ladol, it is excellent as well and with an investment with an excess of $16 billion. This investment is significant. It is also 100 percent Nigeria and private owned.
“It tells you that the federal government understands that businesses and economy growth have to be private sector led and our business as government is to create the environment to enable the private sector to do what it is meant to do which is business.
“Clearly what we are seeing here at Mojec is not just potential, but the reality is that we are able to produce prepaid meters at Mojec International and few others have proved that.”
In her remarks, the Managing Director, Mojec International Limited, Chantelle Abdul, com- mended the vice president for his commitment to promoting local content and expressed the company’s desire to work closely with government to find lasting solutions to the metering gap and lack of steady power supply in the country.