The House of Representatives Committee on Power is considering implementing a special levy to discourage the importation of finished goods and promote local production within the country. This initiative aims to reduce the influx of imported products, which has led to Nigeria becoming a dumping ground. The chairman of the committee, Victor Nwokolo, highlighted the importance of boosting local production to conserve foreign exchange.
During a visit to Metering Solutions and Manufacturing Services in Akwa Ibom State, Nwokolo emphasized the need for levies on imported finished goods, similar to those imposed on imported cars. These special levies would help deter the excessive importation of goods and support local industries.
Nwokolo also praised the efforts of President Bola Tinubu and Minister of Power, Adebayo Adelabu, in addressing the challenges faced by the power sector. He acknowledged their commitment to improving the lives of Nigerians, particularly in the power sector.
Furthermore, Nwokolo noted the recent increase in bank loans being offered to electricity distribution companies, signaling a positive shift in investment opportunities within the sector. The committee was informed by the Managing Director of Metering Solutions about the company’s underutilized production capacity and expressed disappointment in the awarding of contracts to foreign firms over indigenous manufacturers.