- Experts have blamed the increase in electricity meters on fluctuations in the foreign exchange market.
- On Thursday, NAN reported that stakeholders expressed their concerns in individual interviews.
Experts in the power sector attribute the surge in prepaid electricity meter costs to various factors, including fluctuations in the foreign exchange market, increased Customs charges, and the devaluation of the Naira. Stakeholders voiced these concerns in separate interviews reported by NAN on Thursday.
The reactions come in response to the Nigerian Electricity Regulatory Commission’s recent approval of a 40% price hike for prepaid electricity meters. Mr Kunle Olubiyo, the President of the Nigeria Consumer Protection Network, noted that importers of semi-finished prepaid meters and owners of meter assembly plants believed the prices should have been even higher. According to him, these importers and plant owners wanted single-phase meters to be priced at N90,000 and three-phase meters at N160,000 or even higher.
Olubiyo suggested that stakeholders collaborate to establish a system allowing electricity consumers to obtain pre-calibrated electricity meters at designated locations with stringent oversight. He emphasized that given the limited income of the average Nigerian, many may struggle to afford the new rates without a mechanism for refunds through electricity tokens, potentially exacerbating the existing gap in meter availability in the electricity market.