The Central Bank of Nigeria (CBN), yesterday, introduced framework for financing electricity meters, showing indications that the recent moves by the Federal Government to boost commercial value of the nation’s electricity industry through increased tariff may spark off inflow of fresh bank credits to the sector.
According to the CBN, the objectives of the framework, are “to increase Nigeria’s metering rate; Elimination of arbitrary estimated billing; Strengthen the local meter value chain by increasing local meter manufacturing, assembly and deployment capacity; Support Nigeria’s economic recovery by creating jobs in the local meter value chain; Reduction of collection losses and increasing financial flows to achieve 100 percent market remittance obligations of the DISCOs; and Improve network monitoring capability and availability of data for market administration and investment decision making."
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