Minister of Power, Adebayo Adelabu, has revealed plans to enact legislation aimed at promoting local content development in Nigeria’s power sector. During his official visit to Momas Electricity Meters Manufacturing Company Limited in Ogun State, Adelabu emphasized the government’s commitment to supporting local manufacturers to reduce dependency on foreign goods.
Adelabu outlined key strategies to bolster local industries, including providing access to cheap funds, incentivizing production, and ensuring government patronage of locally manufactured products. He underscored the importance of sustainable practices in the power sector, highlighting the need for significant local content in projects and contracts to foster the growth of indigenous producers.
Acknowledging the challenges posed by rising inflation, fuel subsidy removal, and currency devaluation, Adelabu remained resolute, emphasizing the necessity of overcoming obstacles to achieve progress. He attributed Nigeria’s high inflation rate to import dependency, stressing the urgency of becoming self-reliant to mitigate economic vulnerabilities.
Adelabu lamented the underutilization of Nigeria’s vast population, which should ideally serve as an asset for domestic production and employment generation. He reiterated President Tinubu’s commitment to promoting import substitution and supporting local industries to curb the influx of foreign goods.
Kola Balogun, Chairman of MEMMCOL, echoed Adelabu’s sentiments, urging the government to create an enabling environment for local manufacturers to thrive. Balogun highlighted MEMMCOL’s three-decade-long commitment to manufacturing prepaid meters locally, emphasizing the need for the government to harness local capabilities to stimulate economic growth and reduce dependency on imports.