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ADB President Advocates Cost Reflective Tariff

ADB President Advocates Cost Reflective Tariff

…As MAP Scheme Set to Launch May 1st

President of the African Development Bank, Akinwumi Adesina, has stated that Nigeria needs to implement cost reflective tariff or else investors would shun the power sector.

He made the statement after a closed door meeting with President Muhammadu Buhari, at the Presidential Villa, Abuja, yesterday, where he further identified the need to urgently address liquidity constraints in the power sector as well as diversifying to other renewable energy sources as key to ending the energy crisis in the country.

He said these, in response to a question on what strategy Nigeria needs to adopt to address the energy crisis in the country.

In a related development, and following recent approvals by NERC, Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, has announced a partnership with various leading banks in Nigeria to provide retail financing for the rollout of prepaid meters to its customers within the coverage area of its partner Distribution Companies (DISCOs) across the country. Industry watchers have hailed this as a major step in the actualization of governments Meter Asset Providers (MAP) scheme.

The MAP scheme was approved by the Nigerian Electricity Regulatory Commission (NERC) through a regulation meant for the provision, supply, installation and maintenance of end-user meters by Meter Asset Providers with a view to fast-tracking a closure of the metering gap and end estimated billing in Nigeria.

Recent agreements signed will see over 1 million customers in the franchise area of Ikeja Electric being metered by three approved installers.

Rollout is expected to commence May 1, 2019 with NERC promising to closely monitor the process to ensure overall compliance with the regulation and various service agreements by the MAP and electricity distribution licensees.

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