- The prepaid meters price increase has led to an 83% rise in the prices of single-phase meters and a significant 145% increase in the prices of three-phase meters.
- This increase has affected the Meters Asset Provider (MAP) scheme, which facilitates third-party financing for meters nationwide.
The Federal Government has announced the implementation of a 145 per cent price hike in prepaid meters for Nigerians between 2021 and 2023. The Nigerian Electricity Regulatory Commission (NERC) disclosed this new development in a statement made available to journalists in Abuja.
In the statement, NERC said it had enforced two separate price increases for single-phase and three-phase prepaid meters within the specified timeframe. Consequently, this has led to an 83 per cent rise in the prices of single-phase meters and a significant 145 per cent increase in the prices of three-phase meters.
This increase has affected the Meters Asset Provider (MAP) scheme, which facilitates third-party financing for meters nationwide. The commission said that the price of single-phase meters has risen from N44,896.17 in 2021 to N81,975.16 in 2023, while three-phase meters have increased from N82,855.19 in 2021 to N143,836.10 in 2023.
NERC, the regulatory body responsible for authorising meter sales pricing in the country, has approved two separate price increases within this timeframe. The price of a single-phase meter increased from N44,896.17 in 2021 to N58,661.69 in November 2021 and then to N81,975.16 in September 2023. Similarly, the price of a three-phase meter has increased from N82,855.19 in 2021 to N109,684.36 in 2021 and then to N143,836.10 in 2023.