Vice President Kashim Shettima launched an electric meter factory in Oraifite, Anambra State's Ekwusigo Local Government Area on Thursday.
The factory, Advanced Energy Management Solutions Limited (AEMDL) can manufacture 1.4 million pre-paid meters per year.
The vice president praised the facility for its assistance in the government's efforts to address the country's power supply concerns.
Nigerians, he claims, will be able to purchase prepaid meters at a lower cost through a local manufacturing company.
Okechukwu Onyejiuwa, the Chief Executive Officer of Advanced Energy Management Solutions, stated that the facility has the potential to produce 1.4 million meters yearly to address the country's power shortfall.
He stated that the factory was established to assist the government's efforts to resolve the country's power crisis by tackling the important issue of a very large metering gap among users.
According to Onyejiuwa, the firm is also a direct answer to the Federal Government's demand for local and foreign investors to invest in Nigeria, create jobs, and promote economic activity.
“This factory has the capacity to produce 1.4 million meters annually. The establishment is to support the government’s efforts to resolve the power supply challenges facing the country by addressing the critical issue of the very high metering gap amongst consumers.
“This facility possesses the capability to produce Single Phase and Three Phase as well as Maximum Demand Meters.
“The manufacturing facility is equipped with advanced, cutting-edge equipment and machinery to manufacture a wide range of MD and non-MD smart energy meters, as well as feeder meters of accuracy class ranging from 0.2S to 1S in compliance with national and international standards.
“The factory is set to create about 500 direct jobs comprising majorly engineers, technicians as well as finance and administration professionals. In addition to the direct jobs, we estimate that there will also be over 4,000 jobs created by the activities of this company.
“The operations of this factory will stimulate economic activities in the country especially given the high-tech nature of the skills required for the manufacturing process.
"It will also conserve scarce foreign exchange through a reduction in the cost of imported raw materials, developing local raw materials sources and the potential for export to other countries within Africa and other parts of the world in the near future.”