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

By Adedapo Adesanya

The revenue generated by Nigeria’s 11 electricity distribution companies (DisCos) in the fourth quarter of 2023 rose by 13.4 per cent to N294.95 billion from N260.16 billion in the preceding quarter (Q3 2023).

On a year-on-year basis, revenue generated by the Nigerian DisCos in the reference period rose by 26.96 per cent from N232.32 billion recorded in Q4 2022, according to the latest data from the National Bureau of Statistics (NBS), which showed that the total number of electricity customers in Nigeria stood at 12.12 million in the fourth quarter.

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.

Nigeria has 11 major electricity distribution companies since the electricity sector was unbundled years ago. These are Kaduna Electricity Distribution Company (KEDC), Ikeja Electricity Distribution Company (IKEDC), Eko Electricity Distribution Company (EKEDC), Port-Harcourt Electricity Distribution Company (PHEDC), Kano Electricity Distribution Company (KEDC), Yola Electricity Distribution Company (YEDC), Jos Electricity Distribution Company (JEDC), Abuja Electricity Distribution Company (AEDC), Ibadan Electricity Distribution Company (IBEDC), Benin Electricity Distribution Company (BEDC), and Enugu Electricity Distribution Company (EEDC). Each of these companies distributes electricity to franchise states.