The cost of acquiring pre-paid electricity meters by consumers in the country has risen due to the fall in the value of the naira following the currency’s recent devaluation by the Central Bank of Nigeria.
A single-phase meter, according to findings by our correspondent, can now be obtained for N39,375, while the three-phase meter now goes for N60,909. Before now, the single-phase and three-phase meters were selling for N25,000 and N50,000. However, with the latest development, the cost of the single-phase meter has risen by 56 per cent, while that of the three-phase meter has jumped by 20 per cent.
This means that household electricity consumers, who are majorly the users of single-phase meters, will pay more for the devices in relative terms compared to the users of the three-phase meters.
The spokesperson for the Eko Electricity Distribution Company, Mr. Godwin Idemudia, said, “The single-phase smart meter is N39,375, while three-phase meter is N60,901,” adding that the company was no longer installing ordinary prepaid meters.
The Managing Director/Chief Executive Officer, Powercap Limited, Mr. Biodun Ogunleye, told PUNCH in a telephone interview that because Nigeria was largely a foreign currency regulated economy, the devaluation of the naira would affect imported commodities, electricity meters inclusive. With the realities on the ground, he said there was no way the pricing of the meters would not be altered.
The Chief Executive Officer, EKEDC, Mr. Oladele Amoda, during the company’s first quarter meeting with the media on Monday, said it was looking at investing $20m in providing meters to residential users as well as other smaller consumers of electricity.
For its key customer group, he said about $15m would be committed to meter provision, promising that over 300,000 meters would be installed by the end of the metering programme.