The Nigerian Electricity Regulatory Commission (NERC), on behalf of the Federal Government, has granted approval for a price hike of prepaid electricity meters across the country.
In a statement signed on Wednesday, September 5, 2023, by the Chairman of the commission, Sanusi Garba, and the Commissioner for Legal, Licensing, and Compliance, Dafe Akpeneye.
According to the circular, the price of a single-phase prepaid meter, previously priced at N58,661.69, has been revised to N81,975.16. Additionally, three-phase prepaid meters, which were previously priced at N109,684.36, have now increased to N143,836.10.
The circular also emphasized that the updated prices were implemented to establish a fair and equitable pricing structure for both Meter Asset Providers (MAPs) and end-user customers.
“Ensure MAP’s ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment,” the statement read.
“Evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users. Ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities.”