Revenue generation by electricity distribution companies in Nigeria surged to ₦1.1trn in 2023.
According to national bureau of statistics, the figure represents an increase of ₦234.4bn or 28.2 percent from the ₦831bn generated by the power firms in 2022.
The latest data comes amidst the sporadic power grid collapses recorded during the year.
According to the report, Nigerians endured more nationwide blackouts in 2023, especially on September 14th when the grid collapsed due to a fire on a major transmission line.
The revenue data showed that the Ikeja Electricity Distribution Company (IKEDC) got the highest revenue of ₦218.6 billion, up by 31.7 percent or ₦52.7 billion from ₦165.9 billion recorded in 2022. It was followed closely by the Eko Distribution Company which got a revenue increase of ₦52.8bn or 42.3 percent from ₦124.8bn in 2022.
The third highest company is the Abuja Electricity Distribution Company (AEDC), with a revenue generation of ₦167.4 billion from ₦125.7 billion recorded in 2022.
Similarly, Ibadan Electricity Distribution Company got a revenue of ₦111.3bn, Enugu Electricity Distribution Company got a revenue of ₦82.5bn, Yola Electricity Distribution Company, ₦22.3 billion and Benin Electricity Distribution Company ₦84.6 billion. Meanwhile, the Kaduna Electricity Distribution Company netted ₦32.4 billion.
The Jos Electricity Distribution Company increased its revenue to ₦38.9 billion while Kano Electricity Distribution Company received ₦55.2 billion and Port-Harcourt Electricity Distribution Company got ₦74.7 billion.
A further analysis stated that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers under estimated billings reduced slightly by 1.73 per cent to 5.8 million.
“Similarly, 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 read.