Business
Unmetered Electricity Consumers Hit 7.8m
The Nigerian Electricity Regulatory Commission (NERC) says the number of power consumers on estimated billing have risen to over 7.8 million.
It was gathered that the number of unmetered power users increased from about six million in 2021 to the latest figure as at last year.
The NERC also revealed that Nigeria earned an estimated N4.4bn from the export of electricity in three months. It disclosed this in its just-released 2022 report.
According to the commission, “The huge metering gap for end-use customers is still a key challenge in the industry. It is estimated that of the 12,542,581 registered energy customers as at March 2022, only 4,740,114 (37.79 per cent) have been metered.”
This implies that a total of 7,802,467 power users are without meters and receive estimated electricity bills.
The NERC added, “A total of 85,510 meters were installed in 2022/Q1 as compared to the 79,978 meters installed in 2021/Q4.
“At a macro level, quarterly meter installations have been reducing as a result of the winding down of the National Mass Metering Programme phase 0.
“By comparison, the net metering rate dropped from 45.40 per cent metering as at December 2021 to 37.79 per cent in March 2022.
“This can be explained by the constant updating of Discos (distribution companies) customer base information as a result of ongoing customer enumeration”.
The commission, however, said it had continued to engage relevant stakeholders to ensure month-on-month increments in metering rate.
The report stated that the NERC was also instituting safeguards against the over-billing of unmetered customers by setting maximum limits to the amount of energy that might be billed to an unmetered customer during a period.
A report on January 2, 2023, disclosed that the Federal government will deploy six million meters, which would be deployed nationwide in the first and second quarters of this year to reduce the number of unmetered electricity consumers in Nigeria.
The report stated that the government disclosed in a December 2022 document on the review of the performance of the power sector/Nigerian Electricity Supply Industry under the current administration.
“We are perfecting plans for an additional six million meters under the second and third phases of the (NMMP) programme that will commence in the first and second quarters of 2023 respectively,” the Minister of Power, Abubakar Aliyu, stated in the document.
Meanwhile, the NERC, in its latest quarterly report, stated that Nigeria earned a total of $9.98m (about N4.4bn at the exchange rate of N440/$) from the export of electricity during the three-month review period.
On remittance by special and international customers, the commission stated that in 2022/Q1, no remittance was made by Ajaokuta Steel Company for invoices of N391.65m and N69.45m issued to it by the Nigeria Bulk Electricity Trading Plc and power Market Operator respectively.
It, however, stated that “during the same period, bilateral customers: Paras-SBEE, Transcorp-SBEE, and Mainstream-NIGERLEC received invoices of $2.72m, $2.74m and $4.61m from MO and each remitted $2.72m (100 per cent), $2.74m (100 per cent), and $4.52m (98 per cent) respectively.”
It added, “Odukpani-CEET received an invoice of $3.42m from MO during the period but no payment was made by this customer. The non-settlement of market obligations by this category of market participants should push MO and NBET to activate relevant safeguards for remittance shortfalls.”
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
