History was made on December 2, 2021 in Lafia as Nasarawa State government signed a Memorandum of Understanding (MoU) with Marks and Adams Investment Limited to establish a Meter Producing Plant in the state.
The meter plant is an initiative of the reputable Keana-born industrialist, Prince Mark Elayo, Turakin Keana. He is the Chief Executive Officer (CEO) of Marks & Adams Investment Limited. The Managing Director of Nasarawa Investment and Development Agency (NIDA), Mr Ibrahim A. Abdullahi signed on behalf Nasarawa State government while Prince Elayo signed for Marks and Adams Investment Limited.
They are to jointly cough out $1.5 million for the project — covering land, equipment and personnel costs. The plant will sit on an hectare of land. This is the first Meter Producing Plant in northern Nigeria and about the third in Nigeria. By its design, the plant has an administrative block, showroom, CKD entrance, meter assembly line, meter calibration, certification & quality control, loading bay and warehouse.
The meter plant line has the capacity to produce 10,000 meters per month. A meter status report produced by the Nigeria Electricity Regulatory Commission (NERC) in 2016 stated that about three million registered power consumers’ accounts were unmetered. The number rose in 2017 to about four million. In 2019, it was five million unmetered electricity consumers. By recent estimates, the metering gap based on customer enumeration data is over 10 million.
Unless the metering gap is closed or narrowed, electric power consumers or producers will not get value for their expenses and as such, no significant investment can crystalise in the sector. The huge metering gap in Nigeria is a major contributor to the liquidity crisis and continuous poor performance of the power sector.
The project therefore has very promising outputs that can be commercialised as electricity distribution companies, government and owners of housing estates will acquire the meters. In fact, the market opportunity goes beyond Nigeria because the ratification of the African Continental Free Trade Agreement offers Nigerian manufacturers a large pool of consumers across Africa.