Mikano International has signed a memorandum of understanding (MoU) with Schneider Electric for the sale and distribution of the latter’s low voltage products in Nigeria.
Designed to improve the accessibility of low voltage products to Nigerians and support local companies, the agreement follows the completion of payment for the privatization of the Power Holding Company of Nigeria (PHCN), Nigerian Tribune reports.
As part of the agreement, Mikano will sell and distribute a range of Schneider’s low voltage products, including circuit breakers, distribution boards, contactors, motor starters, control and signaling units, as well as switches and sockets using its extensive geographical presence across Nigeria.
Mikano International chairman Mofid Karameh said the company’s investment in electricity distribution represents a window to position itself as a leading local partner to Schneider Electric.
”As a forward looking company, we are not unmindful of the emerging opportunities which the current transformation of the Nigerian power sector offers. The agreement will help us tap into this opportunity and strengthen our brand presence,” Karameh added.
Schneider Electric Country-president Marcel Hochet said the agreement provides the companies with an opportunity to collaborate and leverage their strength to improve the electricity sector and easy access to Schneider’s products.
The MoU is also expected to help Mikano grow its business portfolio and benefit from Schneider’s products and solutions especially for its own requirements in generator control panels and systems.
The privatization of the electricity sector is expected to bring more Foreign Direct Investment (FDI) into the Nigerian economy.