Nigeria can only develop economically if there is effective power supply - Osinbajo
Vice President Yemi Osinbajo on Saturday said Nigeria’s economic development is hinged on effective power supply.
Osinbajo noted that the problem of irregular power supply in Nigeria is caused by inaccurate billing system resulting from insufficient metering machines.
He made the remarks in Onna Local Government Area of Akwa Ibom while inaugurating an Electric Metering Factory as part of activities marking the 30th anniversary of Akwa Ibom State’s creation.
The vice president lamented that Distribution Companies had not been able to collect tariffs because of non-availability of meters.
“The electric metering factory is an important project. Inadequate power is the major obstacle to full economic development in Nigeria.
“We have also identified the facts that DISCO is unable to collect tariffs effectively from consumers because we are unable to afford the cost of metering.
“I think there is an important policy innovation, as there is no restriction on those who can actually produce meter for our consumers,” Osinbajo said.
He commended the Akwa Ibom governor for establishing the metering factory, saying the Federal Government was looking forward to such factories across the country.
“The country is open for this kind of enterprise and we are looking forward to a lot more activities.
“But we are looking at 2.7 million units of meters annually here and this is absolutely fantastic.
“I know that job opportunities here will be substantial for a start,” Osinbajo said.
In his speech, the Akwa Ibom governor, Mr. Udom Emmanuel, said his administration was partnering private sectors to put the state on the path of industrialisation.
Emmanuel said the factory would manufacture an average of one million meters per annum, and thanked the investors for their confidence in the state.
“The essence of this industry is to ensure power for all. Once you can buy recharge cards, you can have electricity, it is available 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 a private initiative for the betterment of all Akwa Ibom people and for Nigeria at large,” Emmanuel said.