Techno Gas and Power is
to spend one billion naira in the next five years to manufacture pre-paid meters in partnership with a Bulgarian metering solutions firm, known as Incotex.
The Managing Director of Techno Gas and Power, Mr Collins Onyeama, told newsmen in Lagos on Sunday that the investment would enable the Nigerian firm to produce up to 350,000 pre-paid meters yearly to meet the needs of millions of electricity consumers.
He said that the partnership with Incotex would result eventually to the setting up of a plant in Lagos to manufacture the meters locally to provide jobs for the teeming populace.
Onyeama estimated that about N150 billion was needed yearly to provide up to 6.5 million pre-paid meters every year for the next five years to meet the demands of Nigerian households needing pre-paid meters.
The chief executive officer said that Techno Gas and Power had trained up to 50 people to handle the installing of the company’s meters, assuring that the number would be increased to 100 by year end.
He said that the involvement of the Bulgarian firm had also made it possible to ensure that consumers used their meters within 48 days of purchase.
According to him, the 48 days is in line with the Credit Advance Payment for Meter Installation requirement.
“The partnership became necessary to urgently address the vacuum created by the inability of the Power Holding Company of Nigeria to provide meters where they are needed.
“We are all  aware of the discomfort suffered by millions of electricity  consumers nationwide who are unable to get electricity  meters due to no fault of theirs.’’
Onyeama said that Techno Gas and Power decided to tackle the problem squarely, entering into partnership with the European firm, to make meters available to teeming Nigerians hungry for meters.
He lamented the difficulties many electricity consumers often went through in their bid to acquire meters, regretting that “many have had to contend with the painful option of enduring estimated billing.
“I can now assure Nigerians that the era of ‘no meter’ or ‘estimated billing’ will soon be over with the decision of Techno Gas and Power to embark on  mass production of meters in partnership with Incotex,’’  he stated.
The managing director disclosed that his firm and Incotex had also held exploratory talks with Electricity Distribution Companies in Enugu, Ibadan and Ikeja, Lagos to ensure smooth business relationships.
Onyeama said that Techno Gas and Power had similarly reached an understanding with the Nigerian Electricity Regulatory Commission to find ways to tackle challenges in the power sector.
A representative of Incotex, Mr Steve Muckett, said that the partnership with his company would bring a robust era in the Nigerian power sector, saying that Incotex could produce more than two million pre-paid meters annually
He explained that the meters were produced in accordance with European quality standards, noting that the meters would meet various segments of the Nigerian market.