Key highlights
- Ikeja distribution company (DisCo) had the highest revenue for Q3 and Q4 2022 according to NBS data.
- The distribution company was able to record high revenues despite having a fewer number of customers than 3 other DisCos.
The Ikeja Electricity Distribution Company (DisCo) had the highest electricity revenue for the third and fourth quarters of 2022. This is according to data from the Electricity Report recently released by the National Bureau of Statistics (NBS). The report stated that Ikeja DisCo made N40,558.7 billion in Q3 and N45,625.79 in Q4 2022.
However, Ikeja DisCo did not record the highest number of electricity customers during the period highlighted. Ikeja DisCo had the fourth-highest number of electricity customers between Q3 and Q4 2022, behind Ibadan, Abuja, and Enugu DisCos. Ikeja DisCo recorded 1,014,471 customers for the third quarter of 2022 and 1,044,520 customers for the fourth quarter of 2022.
Below are the numbers as recorded for DisCos across the country for the third quarter:
What the numbers are saying
A review of the numbers above shows that aside from Ikeja recording a higher electricity revenue in the fourth quarter of 2022, all DisCos recorded higher revenues in the fourth quarter of 2022. However, Kano, Port Harcourt, Yola, Kaduna, and Jos DisCos recorded a minimal rise in revenues during the period highlighted.
- According to the report, the number of electricity customers in Nigeria increased from 10,937,488 in the third quarter to 11,058,265 in the fourth quarter. Ibadan DisCo recorded the highest number of electricity customers, showing an increase from 2,176,067 in the third quarter to 2,220,266 in the fourth quarter of 2022.
- Abuja DisCo recorded the second-highest number of electricity customers, showing an increase from 1,250,563 in the third quarter of 2022 to 1,290,977 in the fourth quarter of 2022.
- The numbers also show that Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kaduna, Kano, and Yola, recorded some new electricity connections between the third and fourth quarters of 2022.
- However, Port Harcourt DisCo did not show any new electricity connections during the period highlighted because, in Q3 2022, electricity customers for Q3 2022 are the same figure as Q4 2022 at 725,363.
- Meanwhile, Benin DisCo recorded fewer electricity customers in Q4 than it did in Q3 2022. According to the report, Benin DisCo had 1,259,771 customers in the third quarter of 2022, and it had 1,186,922 customers in the fourth quarter of 2022.
What you should know
Revenue collected by the DisCos in Q3 2022 stood at N202.62 billion from N188.41 billion in Q2 2022, showing a rise of 7.54%. On a year-on-year basis, revenue generated rose by 5.56% from N191.95 billion in Q3 2021.
Also, revenue collected by DisCos in Q4 2022 stood at N232.32 billion, compared to N202.62 billion in Q3 2022. On a year-on-year basis, revenue collected rose by 16.02% from N200.23 billion in Q4 2021.
