The Federal Government has announced plans to acquire no fewer than 3.5 million electricity meters by the end of 2024, aiming to boost revenue in the financially strained power sector.
Minister of Power, Adebayo Adelabu, said this at an energy conference organised by a local newspaper, BusinessDay, on Friday.
Last month, the government partnered with the Nigerian Sovereign Investment Authority (NSIA) to fund the purchase of 10 million meters for households and businesses, costing N1.325 trillion ($946 million) over five years.
“This year 2 million meters would be procured plus the 1.5 million meters being procured with World Bank support. We are going to have 3.5 million meters installed by the year end,” Adelabu said.
Most of the meters will be sourced internationally, with some from local manufacturers due to limited capacity.
Inadequate metering has been a longstanding issue in Nigeria, with about 7 million out of 13 million customers still without meters, leading to fixed, disputed charges. Last year, 57% of complaints were related to billing disputes, according to the country’s energy regulator.
Competitive bidding for the first 1.5 million meters has been completed, with deliveries expected soon.
Additionally, the government will release N20 billion to electricity distribution companies to meter large users by September, following tariff hikes in April.
