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Ikeja Electric tops as DisCos grow revenue by 17% to N291bn in Q1 2024 – NBS



Ikeja Electric tops as DisCos grow revenue by 17% to N291bn in Q1 2024 - NBS

The National Bureau of Statistics (NBS) has disclosed that electricity distribution companies (DisCos) in Nigeria made a total of N291.62 billion in the first quarter of 2024, with Ikeja Electricity Distribution Company (IEDC) recording the highest revenue of N57.87 billion in Q1 — down from N59.75 billion in Q4 last year.

The overall revenue by DisCos rose by 17.91 percent compared to the N247.33 billion recorded in Q1 of 2023, the bureau said in its latest report on electricity for Q1 2024, released on Sunday.

The report said there was a decline in electricity supply in the period reviewed, while power supply dropped from 6,432.22 gigawats per hour (Gwh) in Q4 2023 to 5,769.52 (Gwh) in Q1 2024.

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However, on a year-on-year basis, electricity supply decreased by 1.41 percent compared to 5,851.87 (Gwh) reported in Q1 2023, NBS said.

“Revenue collected by the DisCos during the period was N291.62 billion from N294.95 billion in Q4 2023, “ the report reads.

“On a year-on-year basis, revenue generated in the reference period rose by 17.91% from N247.33 billion recorded in Q1 2023.”

The NBS also said the total number of customers stood at 12.33 million in Q1 — up from 12.12 million in Q4 2023, representing an increase of 1.78 percent.

“On a year-on-year basis, customer numbers in Q1 2024 rose by 9.47% from 11.27 million reported in Q1 2023,” the bureau said.

“Similarly, metered customers stood at 5.91 million in Q1 2024, indicating a growth of 5.38% from 5.61 million recorded in the preceding quarter.

“On a year-on-year basis, this grew by 11.26% from the figure reported in Q1 2023 which was 5.31 million.”

According to NBS, the second highest revenue generated came from the Abuja Electricity Distribution Company (AEDC) at N48.60 billion, followed by Eko Electricity Distribution Company (EKDC) which raked in N48.74 billion.

The bureau also said estimated billing customers during the quarter under review were 6.43 million, showing an increase of 10.22 percent compared to 5.83 million in Q4 2023.

“On a year-on-year basis, estimated customers increased by 7.88% in Q1 2024 from 5.96 million in Q1 2023,” NBS added.

The NBS report said the Ibadan Electricity Distribution Company (IBEDC) had the highest number of estimated billing customers of 1.41 million, followed by the Enugu Electricity Distribution Company (765,662), the Yola Electricity Distribution Company (690,604), the Benin Electricity Distribution Company (688,081), and the Kaduna Electricity Distribution Company (639,395).

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