Nigerian electricity consumers are facing yet another price increase on electricity meters, with rates set to rise starting November 5, 2024. This marks the second hike within just four months, further adding to household and business expenses. The new cost of single-phase meters, commonly used in homes, will range from N117,000 to N149,800, while three-phase meter prices, typically for larger or commercial properties, are also expected to increase, though exact figures weren’t disclosed.
This pricing shift follows a recent policy update from the Nigerian Electricity Regulatory Commission (NERC) under the Meter Asset Provider (MAP) scheme. Announced in April 2024, this policy allows for flexible meter pricing based on competitive bidding, removing previously fixed government prices. The aim is to attract more meter providers to the market, potentially increasing access but at a higher cost for consumers.