The Nigerian Minister of Power, Adebayo Adelabu has praised the commitment of Hexing LIVOLTEK in proffering solutions to myriad of problems in the Nigerian energy sector
Adebayo who spoke in Lagos during the commissioning of Hexing LIVOLTEK headquarters on Wednesday, said the various solar technologies, innovative and smart metering solutions, reinforces the company’s commitment and dedication to building a sustainable future.
Hexing Group listed stocks on Shanghai Stock Exchange has been committed to providing new energy and smart grid solutions to customers around the world. The product field covers power metering and charging products, power distribution products, water metering and water treatment products, inverters, and charging piles. energy storage batteries and other new energy products.
The Minister said: “I would like to thank the Hexing group for choosing to make this monumental investment in Nigeria at a juncture where our sector is undergoing necessary reforms, to position us on a path of sustainability and growth as we continue to transform Nigerian energy sector, I’m quite confident that this company will contribute immensely to our broader goals of energy security, economic growth and sectoral sustainability”
Adebayo noted that the event truly marks a significant milestone in the federal government’s journey towards a more efficient and equitable electricity sector.
He said the Presidential Power Initiative, which aims to install 2 million meters by the end of this year, is a testament to government’s commitment to addressing the metering gap, and Hexing, he said would play a significant role in achieving that goal of ensuring that more Nigerian households and businesses are accurately billed for the power they consume.
“To me, this launch represents a key achievement in the Federal government’s ongoing efforts to prioritize local content. As I mentioned earlier, to foster job creation and reduce Nigeria reliance on importation. This, of course, will reduce the pressure on our currency and improve the exchange rates that have recently gone higher, and we all know the impact on the cost of living and the hardship it has brought upon our people”
Adelabu noted that the federal government in collaboration with the state governments is targeting to install 10 million meters in the next five years.
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“That’s a target of 2 million meters per year. You can see that the market is there for you, the opportunity and the potential are actually there. And beyond this, we have the support of the World Bank, under the Presidential Power Initiative (PPI) to import about 3.2 million meters within the next two years. And I can tell you authoritatively that we have procured 1.3 million meters already. We have signed the contract. We have made payment for it under the World Bank program, and we are expecting the first delivery by December 2024 which is the next two months, while the balance will be delivered before the end of the second quarter of 2025”
“So, the market is there for you, the potential is there”, he said
