Chibek Instruments Limited has made a case for the introduction of cost reflective tariff, adding that it will assist to tackle liquidity challenge in Nigeria’s power sector.
Chibek Instruments Ltd is an engineering equipment production and supply firm in Nigeria.
Chief Executive Officer, CEO, Mr. Charles Ibe stated that despite the challenge, the company has attained 70 percent completion of a lithium base integration plant.
Mr Ibe said: “The day the power sector will turn the corner, is when the sector is run in a cost reflective manner.
“For instance, during the day industrial plants will be pleased to buy electricity at a higher cost because they are producing with it, but they should pay less at the close of work because they are not producing.
“We are bringing a smarter material which is called lithium iron. One of the things that is making electric motor possible is lithium iron. The technology we are bringing into the market is a hybrid system; we harness energy from different sources, including solar, generator and electricity.
“The system will store electricity effectively, and use it to power facilities automatically. We are also building capacity to be able to manufacture this system in Nigeria. Currently, our facility is 70 percent ready, and we are going to be the first African country to build a lithium base integration plant.
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“The first phase of the investment is running into N7 billion, and this is just the beginning. To produce lithium battery is a mega project.”
He said that on completion, the project will create many multiplier effects, especially employment, capacity building and local content.