Electricity Customers and Revenue Rise Despite Drop in Supply in Q1 2024 in Nigeria

By Joke Kujenya

SIGNIFICANT GROWTH in the number of electricity customers and revenue collection has been revealed by the latest report from the Nigerian Electricity Regulatory Commission (NERC), indicating that though there was a slight decrease in electricity supply for the first quarter of 2024.

The NERC report shows that the total customer numbers increased to 12.33 million in Q1 2024, representing a 1.78% rise from 12.12 million in Q4 2023, and a notable 9.47% increase from 11.27 million in Q1 2023 as contained in the National Bureau of Statistics (NBS) latest release.

It says metered customers reached 5.91 million, up 5.38% from 5.61 million in the previous quarter and 11.26% from 5.31 million in Q1 2023, and estimated customers also grew, reaching 6.43 million, a 10.22% rise from 5.83 million in Q4 2023 and a 7.88% increase from 5.96 million in Q1 2023.

Revenue generated by Distribution Companies (DISCOs) for Q1 2024 was N291.62 billion, slightly down from N294.95 billion in Q4 2023, it states, noting however that, year-on-year, this represented a significant 17.91% increase from N247.33 billion in Q1 2023.

Electricity supply despite these gains saw a decrease. In Q1 2024, the supply was 5,769.52 GWh, down from 6,432.22 GWh in Q4 2023. On a year-on-year basis, this was a 1.41% decline compared to 5,851.87 GWh in Q1 2023.

On the performance of individual DISCOs, it varied, states the report, adding that, Ikeja Electric (IEDC) collected the highest revenue at N57.88 billion, followed by Eko Electricity Distribution Company (EKEDC) at N48.74 billion, and Abuja Electricity Distribution Company (AEDC) at N48.60 billion.

In terms of electricity supply, Ikeja again led with 908 GWh, followed by Eko with 849 GWh and Abuja with 846 GWh, as reflected in the report document.

Conclusively, the report states that growth in customer numbers and revenue highlights the increasing demand and improvements in billing, despite the challenges in electricity supply amid the ongoing efforts to enhance Nigeria’s power sector as it aims to meet the growing energy needs of its population.

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