Nigerian, Chinese investors seal pre-paid meters manufacturing deal

A consortium of companies from Nigeria has signed a Memorandum of Understanding with some Chinese investors for the manufacturing of pre-paid power meters and oil and gas pipes in the country.

A PHCN prepaid meter

The deal, consummated at the headquarters of the Ministry of Industry, Trade and Investment in Abuja on Wednesday, was facilitated by the Nigeria-China Business Council led by its National Co-ordinator, Mr. Matthew Uwakwe.

A statement from the ministry on Wednesday stated that the agreement was signed by representatives of Skydeep International Limited, Mattek Oil Services Limited, Temps Engineering and Gestric Limited, Craag Nigeria Limited, JMET Corporation and Jiangsu Sainty International Group.

The objective of the agreement, according to the statement, is to facilitate financing, procurement and operation of independent power plant projects.

Others are for the local assembly and manufacturing of pre-paid power meters and recharge cards, and setting up of skill acquisition centres for capacity building as well as production of oil and gas pipes.

The Permanent Secretary, MITI, Ambassador Abdulkadir Musa, said while addressing the investors that Nigeria and China had experienced consistency in bilateral and investment relationships for the mutual benefit of both nations.

He said President Goodluck Jonathan had made industry and investment policy a major driving force that would propel Nigeria to greater height through the adoption of the Nigeria Industrial Revolution Plan and the National Enterprises Development Programme.

Both policies, he stated, would serve as a catalyst for industrialisation and manpower development.

Musa stressed that the country needed more investment in the area of power generation and transmission in order to achieve its development programme.

“Despite the unbundling of the power sector in the country, we still need more investment in the sector to generate power that will sustain our growing population and industries as well as create employment opportunities for our youths,” he added.

Also speaking, the Permanent Secretary, Ministry of Power, Ambassador Godknows Igali, said the entry of the Chinese investors into the sector was timely following the privatisation of the power sector.

Earlier, the leader of the delegation, Mr. Liu Wembin, said the MoU was important to Chinese investors since they were anxious to start the projects with the best technology available.

MARCH 27, 2014 BY IFEANYI ONUBA