LAGOS – The Momas Electricity Meters Manufacturing Company Ltd (MEMMCOL) on Tuesday urged the Federal Government to create an enabling investment window that will promote local content and sustainable development.
Mr Kola Balogun, the Chairman of MEMMCOL, made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos.
Balogun said government should initiate policy reforms, technological development and new investments that would mitigate the growing national unemployment situation.
He said that the “Nigerian Content Development Law 2010” had the potential to create over 30,000 new jobs in the next five years.
The chairman also said that the targeted employment capacity of the content development law would only be achieved by encouraging local production.
Balogun also urged federal government and operators in the oil and gas sub-sector of the economy to take advantage of the industry, to encourage local manufacturers.
According to him, the company has opportunities to produce locally high quality pre-paid meters that would meet the demands of the domestic market, reduce imports and also produce for the export market. [eap_ad_1] “There are well-regarded and successful meter production processes available in the country to take advantage of the large volume of power produced locally.
“Creating and expanding the production of meters would allow the expansion of the domestic meter processing industry to provide more varieties and a larger volume of meters for both domestic use and export.
“Nigerians must embrace the production of locally-produced meter materials,’’ he said.
Balogun also urged the federal government and stakeholders in the power sector to harness the benefits of meter production by investing in the sub-sector.
He said that local meter manufacturers had employed more than 500 indigenous engineers in the meter production sub-sector, to boost local content and lay a quality foundation for infrastructural development.
Balogun said the recruitment of the engineers was in fulfillment of government’s commitment to professional excellence and local content drive in the country.
He said local meter manufacturers were living up to government’s expectation, especially in the power sector, to enhance the achievement of Vision 20:20:20.
“In line with the transformation agenda of this administration, the local manufacturers promote professionalism and that is why 500 engineers have been employed,” he noted. (NAN)
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