The Federal Government is planning to tap into $30 billion World Bank and African Development Bank’s (AfDB) plan to revamp the nation’s power infrastructure apart from other interventions.
Minister of Power, Chief Adebayo Adelabu, disclosed this at the weekend during his work visit to Splendor Electric Nigeria Limited, the manufacturer of electrical porcelain insulators, in Odogbolu, Ogun State.
The minister, who was impressed by the company’s facility, standard equipment and products, said such investment would help Nigerian government to tap into the $30 billion plan of the World Bank and the Africa Development Bank to electrify about 300 million Africans in the next five years.
According to him, giving the advantage of Nigeria’s population, the government would ensure that not less than 25 percent of the $30 billion is spent in Nigeria to revamp power infrastructure.
He expressed excitement about the establishment of porcelain insulators manufacturing company in Nigeria, given the importance of the product being produced to the proper maintenance of power electrical infrastructure.
He said it is government’s intention to build local manufacturing in order to conserve the foreign exchange required to import porcelain electrical insulator, to ensure its proper maintenance and to also reduce the needed time within which the products would be made available from order to delivery.
Adelabu said: “This will go a long way to help us to tap into the plan of the World Bank, the Africa Development Bank to electrify about 300 million Africans, spending on $30 billion over the next five years.
“Giving the advantage of our population, we believe that nothing less than 25 percent of this will be spent in Nigeria. This is going to involve a lot of focus on revamping of power infrastructure.
“When we talk about power infrastructure, when we have a local industry like this, it will enable us to have some of these maintenance equipment and power installation infrastructure. The equipment can be supplied locally.
“So, I am impressed with the state-of-the-art infrastructure they have here.
“I really appreciate the diligence and attention to details by the manufacturer. I can only encourage them to continue to do more by expanding and I am promising them government’s support in terms of readiness to support local manufacturers, in terms of incentives and other aids, which will require seamless operation.
“We are happy this kind of investment is here in Ogun State of Nigeria and it is quite a massive factory. There is very high quality standard being manufactured here compared to the product of anywhere in the world. We will surely support you.”
Managing Director, Splendor Electric Nig Limited, Mr Weifei Guo, while welcoming the minister, said the total investment of the company will reach $ 50 million, adding that the management has just finished the first phase of investment and is currently planning the second phase of investment.
According to him, the visit has provided the opportunity to showcase the company’s operations as the first and the sole manufacturer of electrical porcelain insulators in Africa.
“Through this visit, we are encouraged and eager to promote the partnership with Federal Ministry of Power.
“As a technology leader and manufacturer of electrical porcelain insulators for overhead distribution and transmission lines, our company occupies 230,000 square meters and we have full sets of technical facilities for types of porcelain insulators,” he said.
Guo said the company remained a dedicated specialist focused on high and low voltage porcelain insulators and metal fittings such as cross arms, hoops and wire clamps.
“The company’s main products include suspension/disc insulator, anti-pollution type insulator, pin, spool, line post, strain, shackle and other more than 100 types of insulators,” he said
According to him, all the products were produced in strict accordance with international quality standards.
He said the company is interested in collaboration with the Federal Ministry of Power in enhancing power infrastructure by leveraging the company’s products and expertise to support the development and maintenance.
Other areas of collaboration, the managing director said, include increasing production capacity to meet the growing demand for electrical insulators and accessing grants and funding opportunities aligned with Nigeria’s economic development goals.
“We are keen to participate in the Presidential Power Initiative as a local manufacturer, facilitating access to the African Continental Free Trade Area (AfCFTA) market to expand our exports and contribute to regional economic integration.
“We are confident that today’s discussions will pave the way for a fruitful and long-lasting partnership between our company and the Federal Ministry of Power,” he said.
READ ALSO: Our salaries are regular every 25th of the month — Anambra NULGE
and then