Electricity Distribution Companies (DisCos) in Nigeria have significantly increased the prices of electricity meters. This price adjustment took effect on Tuesday, November 5, 2024, as observed in posts across various social media channels belonging to these DisCos.
The cost of single-phase meters has surged from approximately N115,000 to nearly N150,000 on average, varying by DisCo. In some Northern DisCos, single-phase meters are priced between N200,000 and N240,000. Overall, this marks a roughly 30% increase in meter prices nationwide.
According to information shared by the DisCos on social media, Eko DisCo has set the price for single-phase meters between N135,987.50 and N161,035, while three-phase meters are priced between N226,600 and N266,600. Customers under the Abuja DisCo will pay between N123,130.53 and N147,812.50 for single-phase meters, and between N206,345.65 and N236,500 for three-phase meters. The Ibadan DisCo in Oyo State announced prices ranging from N130,998 to N142,548 for single-phase meters and between N226,556.25 and N232,008 for three-phase meters. Kano Electricity Distribution revealed prices for single-phase meters ranging from N127,925 to N129,999 and for three-phase meters from N223,793 to N235,425.
This increase reflects the deregulation of meter asset providers as mandated by the Nigerian Electricity Regulatory Commission (NERC). The recent price hikes follow a previous increase in August 2024, heightening concerns among consumers regarding the affordability and availability of electricity.
This decision comes in the wake of NERC’s announcement regarding the deregulation of meter prices under the Meter Asset Provider (MAP) scheme, which aims to resolve challenges surrounding meter supply and pricing. This deregulation allows DisCos and meter vendors to adjust their pricing in line with current economic conditions.
Under NERC’s updated guidelines, meter prices within the MAP scheme will now be established through competitive bidding instead of a centralized pricing model. This change is anticipated to encourage competition among meter providers, potentially enhancing cost efficiency and service quality for consumers.
