The number of metered electricity customers in Nigeria reached 5.47 million in Q2 2023, indicating a notable growth of 10.4% compared to the 4.96 million reported in Q2 2022.
Quarter-on-quarter, the growth was more moderate at 3.1%, rising from 5.31 million in the previous quarter.
Recently, the Nigerian Electricity Regulatory Commission (NERC) approved an increase in the prices of pre-paid meters, which came into effect on September 6, 2023. However, stakeholders have critiqued the new prices, expressing concerns that they might discourage consumers from acquiring meters.
As per the new rates released by the NERC, a single-phase meter will now cost N81,975.16 kobo, compared to the previous price of N58,661.69 kobo. Similarly, the cost of a three-phase meter has been raised to N143,836.1 kobo from N109,684.36 kobo.
The Nigeria Electricity Report Q2 2023 by the National Bureau of Statistics (NBS) disclosed that the estimated customer base increased by six million during the quarter, marking a 0.72% rise from the 5.96 million in Q1 2023. Year-on-year, estimated customers surged by 2.58% in Q2 2023, up from 5.85 million in Q2 2022.
Regarding revenue collection by the distribution companies (DisCos), NBS reported a total of N263.08 billion in the period, compared to N247.33 billion in Q1 2023. On a year-on-year basis, revenue generation escalated by 39.63%, rising from N188.41 billion in Q2 2022.
On the supply side, electricity provision amounted to 5,909.83 (Gwh) in Q2 2023, a slight increase from the 5,851.87 (Gwh) in the previous quarter. However, in a year-on-year comparison, electricity supply surged by 13.06%, surpassing the 5,226.97 (Gwh) recorded in Q2 2022.
The NBS additionally reported that the total customer count in Q2 2023 was 11.47 million, up from 11.27 million in Q1 2023, indicating a growth of 1.84%.
Year-on-year, the customer coverage in Q2 2023 saw a rise of 6.17% from the 10.81 million reported in Q2 2022.