DISCO’s revenue collection rises 30% to ₦782.7bn in 9M’23 - NERC

The Nigerian Electricity Regulatory Commission (NERC) has reported a significant increase in revenue collection by eleven electricity distribution companies, with a rise of 30 per cent in the first nine months of 2023, totaling 782.7 billion naira. This data underscores a positive trend in the sector's financial performance, reflecting increased efficiency and effectiveness in revenue collection processes. In parallel, NERC has also announced the issuance of 13 new licenses for various electricity generation and distribution activities, including off-grid and embedded power generation, independent electricity distribution, and electricity trading. To shed light on these developments and provide insights into the sector, Oti Ikomi, CEO of Proton Energy, recently appeared on CNBC Africa for a detailed discussion. During the interview, Ikomi shared valuable perspectives on the recent growth in revenue collection, the significance of the new licensing framework, and the broader implications for the Nigerian electricity industry. The discourse delved into key challenges facing the sector, opportunities for expansion and innovation, and the potential impact on stakeholders and consumers. With a focus on driving sustainability, accessibility, and reliability in the electricity market, the conversation highlighted the evolving landscape of Nigeria's energy sector and the strategic initiatives driving its growth.