FG announces partnership for installation of over 1 million metres

• The federal government of Nigeria has contracts with companies to provide and install 1,437,500 smart meters nationwide
• These companies include Ningbo Sanxing Smart Electric, Messrs. XJ Group, Ningbo Sanxing Medical and Electric
• According to the Transmission Company of Nigeria, the project is a critical step in closing the meter gap in Nigeria

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The federal government has agreements with companies to provide and install 1,437,500 smart meters throughout Nigeria through the Bureau of Public Enterprises (BPE) and energy distribution companies (DisCos).

For the purpose of purchasing prepaid energy meters, the federal government and the states have raised N100 billion. Photo Credit: FG, Contributor
Source: Getty Images

The Punch reported that among these companies are Messrs XJ Group Corporation, Ningbo Sanxing Medical and Electric Company Limited, and Ningbo Sanxing Smart Electric Company Limited.

The Transmission Company of Nigeria (TCN) said in a statement on Friday that the signing ceremony was held at the BPE headquarters in Abuja.

“The project is part of the Distribution Sector Recovery Programme (DISREP), funded by the World Bank’s $500 million facility through the Investment Project Finance (IPF) arrangement,” TCN said.

Ajiboye Oluwagbenga, executive director of transmission service provider, on behalf of Sule Abdulaziz, chief executive officer (CEO) of TCN, characterized the project as a critical step in closing the 7.1 million meter gap in Nigeria.

Additionally, the federal government and the states have raised N100 billion for the purchase of prepaid energy meters, according to a statement made by Minister of Power Adebayo Adelabu on August 27.

NERC gives deadline to update metre

The Nigerian Electricity Regulatory Commission (NERC) earlier again reminded Nigerians to update their meters before the deadline of November 2024.

The Commission released the message through its official X account on Tuesday, August 8, 2024, urging electricity consumers to take action before the deadline.

The commission warned that after the deadline, consumers who fail to upgrade may not be able to recharge their electricity.

"Have you updated your Meter yet? From November 2024, you may not be able to recharge your meter without updating. However, updating is easy and free.

FG introduces 10-year repayment plan for prepaid meters

Legit.ng reported that the minister of power, Adebayo Adelabu, has explained that electricity consumers who receive free prepaid meters will have a repayment period of up to 10 years.

This clarification contrasts with earlier claims suggesting that customers who purchase meters would be reimbursed through energy credits.

During a recent address in Ibadan, the minister acknowledged that the rising cost of meters has posed a significant challenge.

Source: Legit.ng