The Chairman, Momas Electricity Meters Manufacturing Limited (MEMMCOL) – the first and the only indigenous manufacturer of digital prepaid electricity meters, Engineer Kola Balogun has appealed to the Central Bank of Nigeria (CBN) to make single digit credit line available to meter manufacturers for the effective actualization of Meters Assets Providers (MAP) programme.
Balogun who made this call while addressing journalists recently explained that funding is the major challenge facing meter manufacturers in the execution of the project as implementation capital outlay is very huge.
He proposed that the CBN provides credit loan facilities to the tune of N10 to N20 billion for each manufacturer.
He urged the CBN to come to the rescue by granting all meter manufacturers single digit credit line which will allow them to pay back in due time.
Balogun noted that while most meters manufacturers, including MEMMCOL are already positioned for the execution of the MAP programme in partnership with the DISCOs, they would require a high level of support from the federal government of Nigerian and the CBN to be able to deliver on the volume of meters to be deploying.
“MEMMCOL is more than ready to commence work and we are at the point of negotiation in line with the execution of the MAP programme in partnership with the DISCOS, but getting the loan is very essential as it will make them buy raw materials needed ahead of time.”
Speaking on the benefits of MAP to the end consumers, Balogun explained that “when the programme commences the issues surrounding estimated billing and over-billing would be abolished and electricity consumers would now pay for exactly what they consume as they would be able to read their consumption rates accurately.”
He also urged the federal government to support more indigenous companies to excel, noting that MEMMCOL for example is a very good believer in the local content policy of the federal government and has almost 100 per cent local content, employing young and enterprising Nigerians and equipping them adequately with requisite training locally and internationally.