Electricity customers in Nigeria rise to 11.27 million, metered customers now 5.21 million

• The number of electricity-paying customers in Nigeria has increased to 11.27 million in Q1 2023, compared to 11.06 million in Q4 2022.
• The number of metered customers has also risen to 5.31 million in Q1 2023, up from 5.13 million in the previous quarter, as Nigerians prepare for new tariffs.
• Revenue collected by distribution companies increased to N247.33 billion in the reference period, showing a growth of 20.81% compared to Q1 2022. Electricity supply slightly declined on a year-on-year basis.

The number of electricity-paying customers in Nigeria has experienced a substantial increase, reaching 11.27 million in Q1 2023, up from 11.06 million in the previous quarter, according to the National Bureau of Statistics’ Electricity Report.

Additionally, the report revealed that the number of metered customers rose to 5.31 million in Q1 2023, indicating preparation for impending tariff adjustments. As Nigerians brace themselves for new electricity rates, distribution companies saw a notable revenue boost, with N247.33 billion collected in the reference period, signifying a growth of 20.81% compared to Q1 2022. However, on a year-on-year basis, the electricity supply experienced a slight decline.

Rising customers

The NBS in its report noted  On a year-on-year basis, customer numbers in Q1 2023 rose by 5.99% from 10.63 million reported in Q1 2022, they said:

• “Total customer numbers in Q1 2023 stood at 11.27 million from 11.06 million in Q4 2022, showing an increase of 1.89%. On a year-on-year basis, customer numbers in Q1 2023 rose by 5.99% from 10.63 million reported in Q1 2022.

Metered Customers

They added that metered customers stood at 5.31 million in Q1 2023, indicating a growth of 3.61% from 5.13 million recorded in the preceding quarter, adding:

• “On a year-on-year basis, this grew by 10.86% from the figure reported in Q1 2022 which was 4.79 million.
• “In addition, estimated customers during the quarter were 5.96 million in Q1 2023, higher by 0.40% from 5.93 million in Q4 2022. On a year-on-year basis, estimated customers increased by 1.99% in Q1 2023 from 5.84 million in Q1 2022.”

Revenue

The report disclosed that revenue earned by distribution companies also rose compared with figures from the preceding quarter, they said:

• “Revenue collected by the DISCOs during the period was N247.33 billion from N232.32 billion in Q4 2022. On a year-on-year basis, revenue generated in the reference period rose by 20.81% from N204.74 billion recorded in Q1 2022.
• “ Electricity supply was 5,852 (Gwh) in Q1 2023 from 5,611 (Gwh) in the previous quarter. However, on a year-on-year basis, electricity supply declined by 1.74% compared to 5,956 (Gwh) reported in Q1 2022.”

New bills

Nairametrics recently reported that Electricity prices in Nigeria are expected to rise following the unification of the naira which has led to the depreciation of the naira at the investor and exporter window.

This new system will allow market forces, such as supply and demand, to play a significant role in determining the exchange rate.

These changes were implemented as part of a broader effort to enhance liquidity and stability in the Nigerian Foreign Exchange (FX) Market. Under the new policy, all transactions will be conducted through the Investors and Exporters (I&E) window, where the exchange rate will be determined by market forces.