Home News Local meter manufacturer laments scarcity of forex for production

Local meter manufacturer laments scarcity of forex for production


Lagos – An official of Unistar Hi-Teck System Ltd., a local manufacturer of electric meters, has urged the Federal Government to assist his members to access foreign exchange (forex) to import major components for producing meters.

Mr Oladotun Taiwo, the firm’s Project Manager, told the News Agency of Nigeria (NAN) in Lagos that the firm’s production was grinding to a halt because it had been importing 70 per cent of its meter components.

Taiwo said that the scarcity of forex might hinder the task before local meter manufacturers to bridge the meter-gap among consumers.

NAN reports that on Jan.4, Mr Raji Fashola, the of Power, Works and Housing, had met local manufacturers on the need for them to rapidly roll-out meters to meet the over three million unmetered electricity consumers nationwide.

Fashola said that the Federal Government’s policy was to ensure that local manufacturers benefitted from the local content policy and generated more employment opportunities.

The project manager said Unistar Hi-Teck established about 10 years ago could produce more than 100,000 meters in a month.

[pro_ad_display_adzone id=”70560″]
According to Taiwo, the distribution companies (DISCOs) have not been patronizing the company and this has resulted in the sack of many of its workers.

“Since the inception of the company, only Ibadan Electricity Distribution Company (IBEDC) has patronised us by purchasing no less than 220,000 prepaid meters.

“Majority of the rest Discos import prepaid meters but with this new development, the local meter manufacturers are ready to meet up with the task.

“But the challenge is the scarcity of foreign exchange to meet demands.
“If the government can assist us in accessing forex, we will employ more hands and meet the task given by the minister,” he said. (NAN)

Previous articleBauchi raises N4.66m at Armed forces emblem appeal week
Next articleGov Ahmed tells Share, Tsaragi elders to preach peace

Leave a Reply