In a bid to address Nigeria’s significant metering gap, the Federal Government has announced plans to procure 12.5 million prepaid meters at a cost of N300 billion. This announcement was made by the Minister of Power, Adebayo Adelabu, during a working visit to Momas Electricity Meters Manufacturing Company Limited (MEMMCOL) in Ogun State over the weekend.
According to him, the government aims to close the over seven million metering gap within the next five years. To fund this initiative, the government intends to raise N300 billion, with a N75-billion seed capital provided by President Bola Tinubu’s administration. Additionally, debt capital injections from the Nigeria Sovereign Investment Authority (NSIA) will contribute to financing the procurement.
The Minister emphasized that under President Tinubu’s Renewed Hope Agenda, the government targets the provision of approximately 2.5 million prepaid meters annually to bridge the nation’s metering gap. This ambitious plan aligns with the promotion of import substitution policies, encouraging the use of locally manufactured products in the power sector, and fostering backward integration through technical training.
Furthermore, he reiterated the current administration’s commitment to supporting local original equipment manufacturers (OEMs). He also mentioned plans to introduce legislation aimed at promoting local content for the power sector, thereby boosting indigenous participation and capacity building.
The procurement of prepaid meters on such a scale reflects the government’s determination to improve access to electricity and enhance efficiency in the power distribution system. It also underscores efforts to stimulate economic growth by promoting local manufacturing and job creation in the power sector.
