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HomeBusinessNigeria's electricity DisCos see 17% revenue surge in Q1 2024, NBS reports

Nigeria’s electricity DisCos see 17% revenue surge in Q1 2024, NBS reports

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In a notable uptick, Nigeria’s eleven electricity distribution companies (DisCos) recorded a 17% increase in revenue, climbing from N247.33 billion in the first quarter of 2023 to N291.62 billion in the first quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS).

However, this total represents a slight decline from the N294.95 billion revenue recorded in Q4 2023.

Leading the pack, Ikeja Electricity Distribution Company (IEDC) posted the highest revenue at N57.87 billion. This was followed by Abuja Electricity Distribution Company (AEDC) and Eko Electricity Distribution Company (EKDC), which generated N48.60 billion and N48.74 billion respectively.

Other notable figures included Ibadan DisCos at N30.3 billion, Benin DisCos at N22 billion, Enugu DisCos at N21 billion, and Port Harcourt DisCos at N20 billion.

Jos and Kano DisCos each reported N13 billion. On the lower end, Yola DisCos and Kaduna DisCos brought in N5.4 billion and N9.6 billion respectively.

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The report highlighted that the total number of electricity customers rose to 12,333,999 in Q1 2024, with metered customers numbering 5,907,644. This reflects a 1.78% increase from 12.12 million customers in Q4 2023 and a 9.47% year-on-year increase from 11.27 million in Q1 2023.

Metered customers saw a 5.38% growth from the previous quarter’s 5.61 million and an 11.26% rise from 5.31 million in Q1 2023.

Furthermore, estimated customers reached 6.43 million in Q1 2024, marking a 10.22% increase from 5.83 million in Q4 2023 and a 7.88% year-on-year growth from 5.96 million in Q1 2023.

Despite these gains in customer numbers and revenue, the total electricity supplied and billed dropped to 5,769 GWh in Q1 2024 from 6,432.22 GWh in Q4 2023.

The NBS report underscores a complex but overall positive trajectory for Nigeria’s electricity distribution sector, with significant revenue increases and customer growth, albeit tempered by challenges in supply consistency.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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