Increased meter access to attract investors to electricity sector – Expert

Bisola David
Bisola David
Power consumers paid N268bn electricity bills in Q2 - FG

Increased meter access for energy consumers, according to management and strategic leadership expert, Biodun Ogunleye, will attract investors to the industry and significantly close the metering gap.

According to Nairametrics, he said this on Saturday, July 22, when he made this statement during a webinar for the electricity industry.

The 2023 Electricity Act, which President Bola Ahmed Tinubu just signed, was the subject of the webinar titled “Embracing Opportunities for a Prosperous Power Sector”.

Mr. Ogunleye advised those present that the power sector could learn from the telecoms industry, which has had phenomenal growth over the years due to increased access for users.

He claimed that despite government assistance, people are currently having trouble accessing prepaid meters. He made the observation that prospective investors would probably enter the metering market if they observed a business plan that permitted user access.

He then suggested that users around the country should have access to meters. He suggested that prepaid meters be offered for sale in stores or supermarkets so that everyone could access them and the Nigerian Electricity Management Services Agency could monitor the meters from any location to make sure that the proper procedure was followed while the meters were in use.

NEMSA performs the duties of technical inspection, testing, and certification of all kinds of electrical installations, electricity meters, and instruments, as well as the enforcement of technical standards and regulations.

In order to guarantee the security of people’s lives and property within the Nigerian Electricity Supply Industry, effective production and delivery of safe, dependable, and sustainable electricity power supply must be ensured.

According to the National Bureau of Statistics June 2023 Electricity Report, the nation’s metered consumers increased from 5.13 million in the final quarter of 2022 to 5.31 million in the first quarter of 2023.

The report also mentioned that 11.27 million customers in Nigeria paid for energy in the first quarter of 2023, up from 11.06 million in the fourth quarter of 2022.

To attract investments, increase revenues, and minimize losses in the value chain of energy distribution, the 2023 Energy Act places a strong emphasis on the usage of prepaid meters in the country.

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