Nigerian DisCos Increase Revenue by 13.4% to N294.95bn in Q4 2023

The bureau revealed this in its Nigeria Electricity Report detailing energy bills, revenue generated, and customers by DisCos (Q4 2023), which was published on Monday.

“Total customer numbers in Q4 2023 stood at 12.12 million from 11.71 million in Q3 2023, showing an increase of 3.46 per cent,” the NBS said.

On a year-on-year basis, the statistics office said customer numbers in Q4 2023 rose by 9.59 per cent from 11.06 million reported in Q4 2022.Similarly, it said metered customers stood at 5.61 million in Q4 2023, indicating a decrease in the growth rate of 1.32 per cent from 5.68 million recorded in the preceding quarter.

“On a year-on-year basis, this grew by 9.38 per cent from the figure reported in Q4 2022, which was 5.13 million,” the report seen by Business Post showed.

In addition, the agency said estimated customers during the quarter were 5.83 million, which decreased 3.34 per cent from 6.03 million in Q3 2023.

On a year-on-year basis, estimated customers decreased by 1.73 per cent in Q4 2023 from 5.93 million in Q4 2022.

In terms of supply, Discos’ total electricity supply to the entire country was 6,432 Gigawatt hour (Gwh) in Q4 2023 from 5,732 (Gwh) in the previous quarter.

“However, on a year-on-year basis, electricity supply increased by 14.64 per cent compared to 5,611 (Gwh) reported in Q4 2022,” the report said.