Electricity Distribution Companies, DisCos, have announced a rise in the price of various electricity meter models, making it the second price hike in four months.

According to the DisCos, the cost of a single-phase meter has risen from approximately N117,000 to as much as N149,800. This amount indicates an increase of 28.03 per cent or N32,800, depending on the distribution company and meter vendor.

The new prices posted on the official X handle of the Discos yesterday were scheduled to take effect on Tuesday, November 5, 2024. It also reflected the deregulation of meter asset providers as directed by the Nigerian Electricity Regulatory Commission, NERC.

It was learned that the upward revision followed an earlier increase in August 2024, further amplifying concerns among electricity consumers about affordability and accessibility.

An analysis of the documents revealed that meter prices vary across DisCos, influenced by vendors and meter models (single-phase and three-phase).

Eko DisCo pegged the price of its Single Phase Metre between N135,987.5 and N161,035, while a Three Phase Metre was pegged between N226,600 and N266,600.

Ibadan DisCo said customers will pay between a range of N130,998 and N142,548 for a single-phase meter and N226,556.25–NN232,008 for a three-phase meter.

Customers under Abuja DisCo will pay N123,130.53–NN147,812.5 for single-phase meters and N206,345.65–NN236,500 for three-phase meters.

Kano Electricity Distribution said its customers will pay N127,925–N129,999 for a single-phase metre and N223,793–NN235,425 for a three-phase meter.

In April, the Nigerian Electricity Regulatory Commission introduced a significant policy shift by announcing the deregulation of meter prices under the Metre Asset Provider, MAP, scheme for end-user customers.

The move was targeted at addressing lingering issues surrounding meter supply and pricing transparency within the electricity sector.

According to NERC’s latest order, meter prices under the MAP scheme will now be determined through competitive bidding, rather than being centralised.

This shift is expected to foster greater competition among meter providers, ultimately improving cost efficiency and service delivery for end users.

The deregulation removes earlier operational restrictions, allowing MAP permit holders to provide metering services across all electricity distribution companies in Nigeria.

However, MAPs must meet specific regulatory requirements to ensure compliance and maintain quality standards in service delivery.

Recall that NERC regulated meter prices, which were often subsidised across all DisCos to reduce costs for customers. While this model aimed to make metering affordable, it inadvertently stifled competition and limited transparency in the supply chain.

As a result, DisCos and customers were unable to negotiate or explore better deals from meter vendors, contributing to inefficiencies in the system.

With deregulation now in place, NERC anticipates a more dynamic metering ecosystem where customers and DisCos can benefit from competitive pricing, improved service quality, and greater accountability among meter providers.

Zenith Bank Plc has assured its customers of exceptional service delivery and improved customer experience following the successful completion of its Information Technology (IT) infrastructure upgrade.

In a statement made available to Vanguard, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame Dr. Adaora Umeoji, expressed her immense gratitude to all customers of the bank for their patience and support during its recent IT infrastructure migration to a new and more robust operating system.

Emphasizing the bank’s commitment to delivering unparalleled service experience, Dame Adaora said: “We undertook such an extensive endeavor in other to better position Zenith Bank Plc for improved service delivery to all our valued customers and provide memorable banking experiences at all our touchpoints,” adding that the bank now has one of the best technology infrastructure in the Nigerian banking industry, and is well positioned to ensure customers experience exceptional service delivery going forward.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices. The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

The bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.

The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria 2023 and 2024 in the International Banker Banking Awards.

Temitola Adekunle-Johnson, the senior special assistant to the president on job creation and MSMEs, says the federal government has commenced the disbursement of N75 billion single-digit loan to micro, small, and medium enterprises (MSMEs) through the Bank of Industry (BOI).

Adekunle-Johnson spoke on Wednesday during a nationwide town hall meeting to sensitise MSMEs on the presidential grant and loan scheme in Abuja.

On October 29, Olusegun Dada, special assistant to the president on social media, announced a partnership between the federal government and the BOI to support 75,000 MSMEs with N1 million loan each.

Dada said the loan comes with a single-digit interest rate.

According to Adekunle-Johnson, MSMEs can now visit any BOI branch to apply for and obtain a loan.

“We are live in Ogun, Bauchi, Enugu, Kaduna states simultaneously. In 2023, President Bola Tinubu approved some funds as palliative to cushion the effects of subsidy removal,” the presidential aide said.

“We are here today to sensitise MSMEs to the loan, which is currently open all over the country.

“MSMEs can walk into any Bank of Industry from today and apply for this loan. It is a single-digit loan, it is nine per cent, it is fixed, no hidden charges.

“This is the one and only single-digit loan you can get, and you can get up to N1 million.

“It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people who will tell them to bring money before they can access it.”

He said applicants should contact the Bank of Industry directly for any required information while assuring that once applicants provide the requirements, they will get the loan immediately.

‘BOI HAS SET UP N200BN PRESIDENTIAL INTERVENTION FUND’

Also speaking at the event, Olasupo Olusi, the managing director of BOI, said a N200 billion presidential intervention fund has been set up to support MSMEs and manufacturing enterprises to drive economic growth and enhance job security.

Olusi, represented by Mabel Ndagi, the executive director, public sector and interventions of BOI, said MSMEs contribute significantly to innovation, economic growth, and job creation across the agriculture, manufacturing, and services sectors.

“Despite the immense contribution to economic growth, MSMEs struggle to access the necessary funding to reach their full potential,” Olusi said.

“In recognition of this, the Federal Government introduced the N200 billion intervention fund for MSMEs and Manufacturing Enterprises and appointed the Bank of Industry as the executing agency to implement this initiative.”

On October 3, Olusi said BOI plans to disburse N1 billion in single-digit interest loans to 140 manufacturers.