Local meter manufacturers want single digit credit line created

Meter producers in the country have appealed to the Central Bank of Nigeria to create a credit line of a single digit to manufacturers for effective execution of Meter Assets Providers schemes

Chairman, Momas Electricity Meter Manufacturing Company, Kola Balogun who spoke at the weekend said funding is a major challenge to the execution of the projects for meter manufacturers.

Kola Balogun added that every meter manufacturer needs between N10 to N20 Billion to execute projects successfully.

He said “It’s a huge capital outlay. We urge the CBN to offer us the credit and allow us to pay back in single digit interest rate. We are more than ready to commence because we are well prepared for it”.

He also disclosed that the project will benefits electricity consumers as issues of Estimated and over-billing will be abolished.

(TVC)