Analysis: Nigeria’s Electricity Sector – Key Insights from Q1 2024

Assumpta Udochukwu
By Assumpta Udochukwu 4 Min Read

The National Bureau of Statistics (NBS) has just released its report for the first quarter of 2024, shedding light on Nigeria’s electricity sector. This report covers critical aspects such as customer growth, revenue generation, and electricity supply.

Let’s break down the key findings and understand what they mean for Nigeria.

Growing Number of Customers

The number of electricity customers in Nigeria is on the rise. By the end of Q1 2024, there were 12.33 million customers, up from 12.12 million in Q4 2023. This represents a 1.78% increase in just one quarter.

Image source: Tara Energy

Compared to Q1 2023, when there were 11.27 million customers, there has been a significant 9.47% rise. This increase shows that more Nigerians are getting access to electricity, which is a positive development for the country’s growth and development.

Metered vs. Estimated Customers

A key issue in Nigeria’s electricity sector is the distinction between metered and estimated customers. Metered customers have devices measuring their electricity usage, leading to more accurate billing.

As of Q1 2024, there were 5.91 million metered customers, up 5.38% from 5.61 million in Q4 2023. Compared to Q1 2023, when there were 5.31 million metered customers, there has been an 11.26% increase.

Image source: thought co

On the other hand, estimated customers are billed based on estimated usage, often leading to disputes and dissatisfaction. The number of estimated customers grew by 10.22% from 5.83 million in Q4 2023 to 6.43 million in Q1 2024.

Year-on-year, this number rose by 7.88% from 5.96 million in Q1 2023. The increase in both categories shows that while progress is being made in metering, there is still a significant portion of customers without meters.

Revenue Generation

Revenue generation is a critical aspect of the electricity sector’s sustainability. In Q1 2024, Distribution Companies (DISCOs) collected N291.62 billion, slightly down from N294.95 billion in Q4 2023.

However, when compared to Q1 2023, when the revenue was N247.33 billion, there was a notable 17.91% increase. This substantial year-on-year growth indicates improvements in billing and collection efficiency, possibly because of better metering and reduced losses.

Electricity Supply

Electricity supply is measured in gigawatt-hours (GWh), reflecting the total energy delivered to customers. In Q1 2024, the electricity supply was 5,769.52 GWh, down from 6,432.22 GWh in Q4 2023.

This represents a decrease, which might be because of various factors like generation issues or grid challenges. Compared to Q1 2023, when the supply was 5,851.87 GWh, there was a 1.41% decline. This slight drop highlights ongoing challenges in maintaining a steady and reliable electricity supply.

Image source: Businessday

The Q1 2024 report from the NBS provides a comprehensive overview of Nigeria’s electricity sector. While there are positive signs such as the increase in customer numbers and revenue, the challenges of metering and supply consistency remain. Continued efforts to address these issues will be crucial for the sector’s progress and for ensuring that more Nigerians can rely on stable and fair access to electricity.

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Assumpta Udochukwu
Posted by Assumpta Udochukwu
Assumpta is a Professional Accountant, Brand Strategist, Writer and Digital Data Storyteller with extensive experience in Finance, Digital Marketing and Business Administration. She is the Chief Analyst and Editor at, she is passionate about telling data stories in an entertaining and engaging manner.
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