The International Finance Corporation (IFC), a member of the World Bank Group, will support local manufacturers of meters with funds to encourage their growth, the Country Manager, Nigeria Africa Department, IFC, Solomon Adegbie-Quaynor, has said.
He told The Nation that Nigeria is battling shortage of meters because production of the product is inadequate, adding that the need to solve metering and its associated problems became imperative, because of the problems encountered by consumers
He said the reforms and expansion in the power sector necessitated the need to support producers of meters.
He said: “We have entered a new era in the sector where people wanted the government to deliver its promises as regard stable power supply. We have been supporting manufacturers of meters by offering technical and financial support to them. But with the expansion of reforms in the sector vis-à-vis the emergence of a private sector-driven power sector reforms, the need to support meters manufacturers as time goes on is necessary.”
According to him, Nigeria is one of the 10 largest power markets in the world as evident by its huge population and electricity consumption. This, he said, would help manufacturers of meters to achieve profitability and further help consumers to monitor their consumption.
The Minister of Power, Prof Chinedu Nebo had insisted on 100 per cent metering to check estimated billing among other problems facing consumers.
Also, the National Electricity Regulatory Commission (NERC) said it is accepting applications from people interested in manufacturing meters in the country.
NERC said the process of getting the right companies to produce meters was on-going, adding that only the companies that met the Commission’s requirements would get the job.
Information from The Nation was used in this report.