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Nigeria, China seal pre-paid meters manufacturing deal

By BusinessNews Staff on March 27, 2014

A consortium of companies in Nigeria has sealed Memorandum of Understanding with some Chinese group of investors for the assembling and manufacturing of pre-paid power meters, and oil and gas pipes.

The deal, consummated at the headquarters of the Federal Ministry of Industry, Trade and Investment, in Abuja was facilitated by the Nigeria – China Business Council led by its National Co-ordinator, Mr. Mattew 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 was to faciltate financing, procurement and operation of independent power plant projects.

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

The statement stated the Permanent Secretary of the ministry, Amb. Abdulkadir Musa said while addressing the investors that Nigeria and China have experienced consistency in bilateral and investment relationship for the mutual benefit of both countries.

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

Both policies, he sated would serve as a catalyst for Nigeria industrialization and manpower development.

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

He said, “Despite the unbundling of 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 to our youths.”

He urged the Nigeria-China Business Council to continue to attract more investment into other sectors of the economy adding that government would continue to provide enabling environment for investors and industrialists.

Also apeaking, the Permanent Secretary, Ministry of Power, Amb. Godknows Igali said that the entry of the Chinese investors into the sector was timely as Nigerian government following the privatization of the power sector.

“We had privatised PHCN assets that provide power generation and distribution. And recently government had privatised 10 integrated power plants. It was ambitious and successful and at every instance, there were over subscription and having achieved that it is now time to stabilise power sector and add value to make it more reliable,” the statement quoted him to have said.

He said local manufacturing of meters was a priority for government and urged the investors to take advantage of the huge market in the country.

“Our priority is to provide meters for Nigerians and we would support you to succeed,” he added

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

[Punch]

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