The Minister of Power, Adebayo Adelabu, on Wednesday launched Hexing Livoltek, an electricity meter manufacturing company situated in Lekki, Lagos State.
The company specializes in producing not only prepaid meters but also a range of electrical installations and solar products.
During the unveiling, Adelabu commended Hexing for its substantial investment in Nigeria, particularly as many firms are pulling back from the market, according to The Punch.
He characterized the event as a significant milestone in the sector’s journey toward achieving a more efficient and equitable electricity landscape.
“Let me mention that the event of today is quite significant and important to me given a determined focus on developing and improving local content in the power sector, for the sustainability of the sector and job creation for our teeming population, which is why I have to cut short my short vacation to ensure I’m able to attend the event here today,” Adelabu posited.
The minister noted that the launch of the meter factory signifies a key achievement in the ongoing efforts to prioritize local content, promote job creation, and reduce Nigeria’s dependence on imported goods.
This, he said, would reduce the pressure on the naira and “improve the exchange rate that has recently gone haywire with its impact on the cost of living and the hardship our people are passing through.”
He emphasized that the government is actively promoting domestic production of essential energy components, such as meters, to drive industrial growth and enhance the sustainability of the power sector.
“We know what it involves to keep relying on imports for the components used in our power sector infrastructure, from generation to transmission to distribution. We keep importing power transformers, we keep importing power cables. We are importing importing meters.
“It elongates the turnaround timing to fix our dilapidated infrastructure. The process of opening Form M, applying for FX allocation, doing the import itself in terms of freight, of clearing our imports. This is one of the reasons why we have experienced the kind of deplorable state of our infrastructure in the power sector. We believe that if a lot of these materials can be sourced locally, the timing required for fixing this infrastructure will greatly reduce and the gaps we currently experience will be filled,” he stated.
The Minister of Power urged the company to enhance local content by integrating more Nigerians into its workforce.
In his address, The Chief Executive Officer of Hexing Group, Robert Liang expressed optimism about Hexing’s expansion into Nigeria, describing it as a pivotal moment for the company and a significant commitment to advancing clean energy in the country.
“This is a proud moment for the Hexing Group as we open our branch in Nigeria. It’s more than just an office; it’s a step towards a future where clean energy drives the growth of this great nation.”
Liang emphasized Hexing’s three decades of leadership in smart energy systems, solar technology, and digital infrastructure.
