Tuesday, March 2African Business News
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Tag: FBNQuest Merchant Bank

Plan to bridge $1bn meter funding gap begins

Plan to bridge $1bn meter funding gap begins

Business
New Hampshire Capital, FBNQuest Merchant Bank and Kairos Investments Africa have announced plan to attract long-term financing for the national mass roll-out of smart meters. The plan, under the national meter asset finance and management SPV also termed MAPCo, is expected to reduce the challenge of metering millions of electricity consumers placed on estimated billing in different parts of the country. Nigeria’s power sector has suffered from a huge metering gap with more than eight million consumers yet to be metered. The unmetered consumers have been subjected to indiscriminate and unfair estimated billing – a problem inherited by the electricity distribution companies (DisCos). Financing, which is estimated at $1 billion, has remained a critical part of the efforts at bridging...