May 2, 2024

Nigeria Economic Update (Issue 14)

According to the Nigeria Electricity Report for Q4 2023, revenue collected by the DISCOs during the period was N294.95 billion, an increase from N260.16 billion in Q3 2023. The increment in revenue is associated with two factors – an increase in customers and electricity supply. The number of customers grew by 3.4% to 12.12 million in Q4 2023 from 11.71 million in Q3 2023. Likewise, the electricity supply grew by 12.2% to 6,432. (Gwh) in Q4 2023 from 5,732 (Gwh) in the previous quarter. However, the rate of increase in revenue generation is likely to be hampered by low metering rates. As of Q4 2023, 46% of the 12.12 million customers are metered. Recently, the Nigerian Electricity Regulatory Commission (NERC) approved a new tariff affecting only Band A.

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Nigeria Economic Update (Issue 30)

Power sector analysis shows an increase in power generated by 3.01 percent from 2903.5mw to 2991.8mw between July 1, 2016 and July 8, 2016, with a peak of 3260.8mw on July 5, 2016. This is however, still below the highest (5074.7mw) recorded in February, 2016. The increase reflects improved use of hydro (water) for power generation. The easing out of gas constraint occasioned by recent pipeline repairs have also contributed to the increase in power generation. Improvements in power generation would be sustained if hydro measures are complemented with fast-tracked repairs on damaged gas channels and intensified efforts at tackling pipeline sabotage.

Nigeria Economic Update (Issue 27)

The Naira strengthened against the dollar in the review week. Specifically, the Naira appreciated by 2.7 percent to N355/$ (parallel market rate) on June 17, 2016, following the release of the flexible FOREX policy guidelines by the CBN on June 15, 2016. The new policy effectively adopts a single market structure hosted at the autonomous/inter-bank market. The inter-bank trading scheduled to commence on June 20, 2016 will be market-determined, officially eliminating the N197/$ peg. To ensure foreign exchange liquidity, primary market dealers have been introduced while the CBN will participate in the market through periodic interventions.