Chairman, Momas Electricity Meters Manufacturing Limited (MEMMCOL), Kola Balogun, has appealed to the Central Bank of Nigeria (CBN), to make single digit credit line available to meters manufacturers for the effective actualisation of Meter Assets Providers (MAP) programme.
Balogun, while discussing the possible issues that meters manufacturers might be faced with towards the successful implementation of MAP, explained that funding is the major challenge facing meter manufacturers in the execution of the project as implementation capital outlay is very huge.
To this end, Balogun proposed that the CBN provides credit facilities to the tune of N10 to N20 billion for each manufacturer.
Balogun noted that while most meter manufacturers, including MEMMCOL, are already positioned for the execution of the MAP programme in partnership with the DISCOs, they would require a high level of support from the Federal Government of Nigerian, and the CBN, to be able to deliver on the extent of volume of meters to be deploying.
“MEMMCOL is more than ready to commence work and we are at the point of negotiation in line with the execution of the MAP programme in partnership with the DISCOS,” Balogun explained, “but getting the loan is very essential as it will make them buy raw materials needed ahead of time.”
Speaking on the benefits of MAP to the end consumers, Balogun explained that “when the programme commences, the issues surrounding estimated billing and over-billing would be abolished and electricity consumers would pay for exactly what they consume as they would be able to read their consumption rates accurately.”
Balogun also urged the Federal Government to support more indigenous companies to excel, noting that MEMMCOL for example, is a very good believer of the local content policy of the Federal Government, and has almost 100 per cent local content, employing young and enterprising Nigerians and equipping them adequately with requisite training locally and internationally.
Authored By: Femi Adekoya