Moman Meter Manufacturing Company
Limited (MEMCOL) has warned the federal government about the influx of imported
prepaid and postpaid meters, noting that the move is threatening investment in
local manufacturing of all meters in the country. The Chairman of the company, Mr. Kola
Balogun, explained that the despite the huge N8 billion invested in the
manufacturing of quality and world class standard prepaid and postpaid meters
to meet the local consumption in the country, the federal government still
threw its borders open to foreign prepaid and postpaid meters discouraging
investments in local production of meters. Speaking during the launching of
MEMCOL ultra-modern electricity meters manufacturing company by the Minister of
Industry, Trade and Investment, Dr. Olusegun Aganga, Balogun stressed that the
company has the capacity to provide prepaid and postpaid electricity meters
and other metering solutions and applications.
He also decried the lack of patronage
by the federal government, saying that the company is yet to receive the
desired patronage from the federal government. “We have not been able to meet
our dream to be less dependent on importation of prepaid and postpaid meters.
Nigeria is currently occupying the fourth position in meter manufacturing, but
if this unfavourable importation of meters continues, we would be misplaced in
the global market,” he said. He therefore called on the federal government to
implement policies to protect the local industries, saying that this is the
only way Nigeria can achieve industrial revolution and ensure economic growth. “I
want to appeal to the federal government through the ministry of industry trade
and investment to ensure that whoever has invested in Nigeria must not have any
cause to regret. We have good product that we can showcase to the rest of
Africa,” he said.
Aganga, in his remarks, said the
launching is coming at an auspicious time when the current administration has
made industrialisation top priority and is making concerted efforts to ensure
that the power sector is totally revitalised to lift the industrial sector to
the desired height. “This is a very high technology company that has keyed into
the value chain in the power sector to produce all the meters we need. They
have the capacity to produce smart prepaid and postpaid meters and I am very
impressed with the quality of the meters I have seen here today. I am also
excited about the future of this company and the federal government will make
sure that we create the enabling environment for them to do extremely very
well,” he said. In his words, “You will agree with me that Nigeria is an
endowed nation with abundant human and natural resources. However, to place
Nigeria among the top 20 economies in very good time, in line with the goals of
this administration, all hands must be on deck to ensure that this country has
a vibrant industrial base.”
He said no nation has moved from
being a poor nation to a rich one by relying on exporting raw materials without
a vibrant industrial sector stressing that this is why the ministry has been
working hard to ensure that the nation’s industries are positioned well enough
to drive the much-needed industrial growth. He said based on the desire to
create an inclusive economic environment where jobs and wealth will be created
through the process of intense industrialisation, the federal government has
already developed the Nigeria Industrial Revolution Plan (NIRP) based on
sectors where the nation has comparative and competitive advantage. “It is
hoped that the launching of this factory, which specialises in the production
of prepaid and postpaid meters, will contribute to the growth of the power
sector and by extension, the success of IRP. I charge the management to work
assiduously in ensuring that this project contributes significantly to
inclusive economic growth and development through job creation and wealth
generation,” he said. “I wish to congratulate MEMCOL for this achievement and
also ensure both and local foreign investors that returns on investment in
Nigeria are among the highest in the world. In this country, the case for
investing is compelling,” he added.
The General Manager, Operations, Bank
of Industry ((BoI) Mr. Joseph Babatunde, said the role of the BoI as a
development financial institution is to empower private sector investments
geared towards industrialisation by taking bold steps to provide long and short
terms loans to developmental projects. He said the BoI got approval by the
federal government to invest heavily in the plastic casing for the company’s
meters, maintaining that the aim of this move is to develop the value chain in
the power sector. He therefore called on Nigerians and
the federal government to patronise the company’s product pointing out that the
success of this company would go a long way in driving the industrial sector
and creating massive employment opportunities in the country. The quality of
this product can measure up to standard anywhere in the world. We believe in
this company and we hope it will get the necessary patronage and support from
the federal government to make the company competitive in the global market,”
he said
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