Vice President Yemi Osinbajo has identified inadequate meters as responsible for the poor electricity distribution in the country.
Osinbajo, who said this during the inauguration of an electric metering factory in Onna Local Government Area of Akwa Ibom State on Saturday, also stated that insufficient meters hindered power firms from billing their consumers accurately.
According to the VP, every economy of the world owes its development to constant electricity supply and Nigeria is not an exception.
He noted that distribution company had not been able to collect tariffs effectively from consumers owing to unavailability of electricity meters.
The VP said, “The electric metering factory is an important project. Power is the major obstacle to full economic development in Nigeria. We have also identified the fact that the DISCO is unable to collect tarrifs effectively from consumers because we are unable to afford the cost of meters. The FG has developed a policy around metering production. We are going to have independent metering companies. I think that this is an important policy innovation as there is no restriction on those who can actually meter our consumers.”
The Akwa Ibom State Governor, Mr. Udom Emmanuel, said the state in its 30 years of existence had partnered private sectors to industrialise the state.
The governor stated that the firm would manufacture an average of one million meters yearly, adding that the initiative became a reality based on the confidence investors reposed in the state.
He said, “Today we have come to inaugurate not a government project but private-sector initiative project. The essence of the industry is to ensure power for all. Once you can buy recharge cards, you can have electricity. It is obtainable for all.
“The capacity can be doubled from 2.7 to 5.4 to enable us pay for the power that we generate.
“The project is for the betterment of all Akwa Ibom people for the economic development of the state and for Nigeria at large.”