Business

NERC Has Approved Sum of N21bn To meter end-User Customers Free

Published

1 year ago

June 21, 2024

The Nigerian Electricity Regulatory Commission (NERC) announced on Friday, June 21, the approval of N21 billion for the eleven electricity Distribution Companies (DisCos) to provide meters for end-use customers at zero cost. This move is part of the Presidential Metering Initiative under the Meter Acquisition Fund (MAF), aiming to bridge the metering gap and enhance customer satisfaction.

In ORDER NO: NERC/2024/072, titled “The Operationalization of ‘Tranche A’ of the Presidential Metering Initiative Under the Framework of Meter Acquisition Fund,” NERC detailed the operationalization of this initiative. The order states that DisCos will purchase and install meters for customers free of charge, utilizing the funds accrued up to the April 2024 market settlement cycle. The total amount available for this first tranche, known as “Tranche A,” is NGN21,864,851,725.00, with NGN21,000,000,000 approved for immediate use.

“The Commission hereby approves the use of a sum of NGN21,000,000,000 apportioned pro rata to contribution by the DisCos as Tranche A of the MAF scheme. Attached to this Order as Schedule 1 is a breakdown of the funds available for each DisCo for the purchase of end-use customer meters,” NERC stated.

NERC emphasized that all meters procured and installed under this framework will be at no cost to the customers. This initiative is expected to accelerate meter deployment, close the current metering gap, reduce commercial and collection losses for DisCos, and enhance service quality and customer satisfaction.

The first tranche of the MAF Scheme, based on contributions made by DisCos as of the April 2024 market settlement, will focus on procuring and installing meters for unmetered Band ‘A’ customers within their franchise areas. Band A customers are defined as those receiving a minimum of 20 hours of electricity per day and are charged a premium tariff of N208 per kilowatt-hour (kWh).

NERC also noted the importance of a transparent and competitive procurement process for meter price determination and the selection and engagement of Meter Asset Providers (MAPs) and Licensed Meter Manufacturers and Assemblers (LMMAs). This process aims to ensure the efficient deployment of meters and the protection of revenue streams within the Nigerian Electricity Supply Industry (NESI).

Adebayo Adelabu, the Minister of Power, previously stated that the federal government would release N20 billion to DisCos for procuring meters for unmetered Band A customers within the next three months. This funding will further help close the metering gap for these customers.

“Before I left the office yesterday, I met with the chairman of NERC, Alhaji Garba Sanusi, and we’ve agreed that we have an accrued N20 billion for metering. I said to him, let us release this N20 billion for the DisCos to procure meters for the unmetered Band A customers before the end of September. That is going to happen. I can assure you that,” Adelabu said.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

1 day ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

3 days ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

1 week ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.