62.63% electricity consumers on estimated billing – NERC – Newstrends
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62.63% electricity consumers on estimated billing – NERC

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The Nigerian Electricity Regulatory Commission (NERC) says 62.63 per cent of electricity consumers in the country are on estimated billing as at September 2020.

This thus shows that less than 38 per cent of the consumers have prepaid meters, which give accurate readings of amount of electricity used.

It stated this in the 2019 to Quarter 3, 2020 Nigerian Electricity Supply Industry (NESI) Key Financial and Operational Data.

The document showed that only Eko Electricity Distribution Company and Ikeja Electric Plc had metered over 50 per cent of their customers as at the review period.

The huge metering gap for electricity customers, according to NERC, remains a key challenge in the industry.

The data showed that out of the 11,841,819 registered electricity customers as at the end of the third quarter of 2020, only 4,425, 628 (37.37 per cent) have been metered.

“Thus, 7, 416,191 representing 62.63 per cent of the registered electricity customers are still on estimated billing,” the document stated.

The metering status of the DisCos as at September 2020 showed that the Benin DisCo had 47.42 per cent; Abuja, 48.66 per cent; Eko, 51.68 per cent; Ikeja, 51.09 per cent and Enugu, 43.77 per cent. Others are: Port Harcourt, 39.64 per cent; Ibadan, 27.97 per cent; Jos, 29.04 per cent; Kaduna, 22.56 per cent; Kano, 21.40 per cent and Yola,19.03 per cent.

NAN reports that the the Federal Government had on Oct. 30, 2020 flagged off the National Mass Metering Programme (NMMP) to meet the target of closing the metering gap in the NESI by December 2021.

The programme would assist in reducing collection losses, while at the same time, increasing financial flows to achieve 100 per cent market remittance obligation of the DisCos.

Part of the objectives is the elimination of arbitrary estimated billing, improving network monitoring capability and provision of data for market administration and investment decision-making, the document noted.

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Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day 

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Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day 

Toyota By CFAO, the authorized distributor of Toyota vehicles in Nigeria, has commenced a three-day special display of the latest new Toyota models from the company at an Open Day organised in Port Harcourt, Rivers State, for residents of the city and its surrounding areas.

The Toyota By CFAO Open Day holds from Tuesday, November 26 to  Thursday, November 28, 2024, according to a statement by the company.

The event running from 9am to 5pm each day is taking place at the auto company’s showroom located at 184B, Trans-Amadi Industrial Layout, Port Harcourt.

It discloses that the exciting event will feature the highly anticipated 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of other exceptional vehicles tailored for the Nigerian market.

This, it notes, is an exclusive opportunity for attendees to explore the latest in automotive excellence, discover new vehicle options, and benefit from Toyota By CFAO’s End of Year Bonanza.

General Manager of CFAO Mobility Port Harcourt, Julius Fasetire, encourages all residents to “come witness history in motion as we proudly unveil the All-New 2024 Toyota Land Cruiser Prado.

“Be among the first to explore this remarkable masterpiece and discover our full range of Toyota vehicles. Don’t miss out on the chance to experience automotive excellence and enjoy a free diagnostic check for your Toyota vehicle!”

The 2024 Toyota Land Cruiser Prado has already generated excitement across the country, following its recent unveilings in Lagos and Abuja.

The product is quickly becoming one of the most sought-after sports utility vehicles in Nigeria, appealing to both corporate and individual buyers.

With over 11.3 million units sold globally in more than 170 countries, the Land Cruiser Prado is renowned for its rugged off-road capabilities and comfort for everyday driving.

The firm says this year’s model comes in two distinctive editions – the Limited Edition (First Edition) and the Adventure Edition – both equipped with a 2.4L turbocharged gasoline engine and an 8-speed automatic transmission, ensuring superior performance both on and off the road.

Toyota By CFAO also says it ensures that genuine parts and a comprehensive 3-year/100,000 kilometre warranty are available for all customers.

In addition to the Land Cruiser Prado, the event will showcase a variety of other popular Toyota models including the Belta, Rumion, RAV4, Camry, and Hiace.

The Open Day, it stresses, promises to be a must-attend event for anyone interested in exploring the world of Toyota vehicles, from luxury to practicality, and experiencing firsthand the future of automotive technology.

The company says more details about the rich offering of Toyota in the Nigeria market can be obtained from https://www.toyotabycfao.ng/.

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Nigeria’s foreign reserves in marginal increase, now $40.88bn 

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Nigeria’s foreign reserves in marginal increase, now $40.88bn

 

Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.

Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.

He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.

The amount represents an increase of $82 million or 2.05 per cent in 21 days.

“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.

However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.

Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.

“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.

“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.

“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary

“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”

Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.

The CBN governor said, “The currency has been stable compared to what it was in June”.

But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.

Cardoso said diaspora remittance had increased due to policies put in place.

He commended those in the diaspora for helping the country accomplish over $600 million in remittances.

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Naira rises to N1,755/$ in parallel market

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Naira rises to N1,755/$ in parallel market

The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.

Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.

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Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.

 

Naira rises to N1,755/$ in parallel market

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