Nasarawa State government has signed a Memorandum of Understanding ( M.O.U) with Marks and Adams Investment limited to establish a meter producing plant in the state.
In a Memorandum of understanding ( M O.U) which was signed on Thursday 2 December, 2021 by Prince Mark Elayo on behalf of Marks and Adams Investment limited and the Nasarawa state government which was signed by Barrister Ibrahim A. Abdullahi, Managing Director/ Chief Executive Officer, Nasarawa Investment and Development ( N.I.D.A) on behalf of the Nasarawa state government is aimed at producing meter plant for the benefit of the people of the state.
According to the Memorandum of Understanding,( M O U) the state government and Mark and Adams Investment limited are to jointly cough up the sum of $1.5 million for the project covering land, equipment and personnel costs.
The plant according to the agreement will sit on a hectare of land as it is the first meter producing plant in Northern Nigeria and probably the third in the country.
It further Stated that by it design, the plant has Administrative block,show room,CKD entrance, Meter Assembly line, meter calibration, certification and quality control, loading bay, and warehouse.
The plant line has the capacity to produce 10,000 meters per month, as according to the meter status report produced by the Nigeria Electricity Regulatory Commission ( NERC) ,in 2016, about 3 million registered power consumer’s accounts were unregistered.
It was also gathered that the the number grew in 2017 to about 4 million. In 2019, it was 5million unregistered electricity consumers.
By recent estimates, the metering gap based on consumer enumeration data is over 10 million.” Unless the metering gap according to them is closed or narrowed, electricity power consumers or producers will not get value for their expenses and as such, no significant investment can crystalize in the sector.
The statement further Stated that the huge metering gap in Nigeria is a major contributor to the liguidity crises and continuous poor performances of the power sector in the country.
The project therefore has a very promising outputs that can be commercialised as electricity distribution companies, government and housing estate owners will acquire the meters.
Infact, the market opportunity goes beyond Nigeria because the ratification of the African continental fee trade agreement offers Nigeria manufacturers a large pool of consumers across Africa.
Nasarawa Reporters 