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Nigeria’s Electricity Distribution Companies (DisCos) have introduced another price hike for electricity meters, marking the second increase in just four months.
The new pricing, which takes effect from Tuesday, November 5, 2024, impacts both single-phase and three-phase meters.
The cost of a single-phase meter, commonly used by Nigerian households, will now range between ₦117,000 and ₦149,800, depending on the DisCo and vendor. Specific new prices for three-phase meters, typically preferred by larger homes and businesses, were not provided.
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This increase follows a shift in regulatory policy by the Nigerian Electricity Regulatory Commission (NERC), which in April launched the Meter Asset Provider (MAP) scheme. Under MAP, meter providers can now adjust prices through competitive bidding, departing from previously fixed government rates.
The NERC policy intends to promote competition and enhance meter availability, though it also opens the door to price increases.
"With MAP, we are moving towards a market-driven approach to improve metering services," stated a NERC representative. "However, this flexibility may lead to price adjustments."
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Consumers have expressed mixed reactions. While some support the policy's aim to increase meter accessibility, others are concerned about affordability.
A Lagos-based resident lamented, "These repeated hikes are becoming too much for ordinary Nigerians."
DisCos insist the adjustment reflects rising import costs and inflation, factors that have affected meter production and distribution costs.