Nigerian venture plans to raise N480bn for power gap

power electricity

A Nigerian venture plans to raise N480 billion ($1.2 billion) over the next three years to buy electricity meters and help power distributors plug a revenue gap in Africa’s most populous nation. Less than a 10th of Nigeria’s 41 million households have their electricity consumption metered and half of those are faulty, according to PricewaterhouseCoopers. As a result, distribution companies have to estimate bills, resulting in disputes that delay payments. According to Bloomberg News, Meter Assets Finance and Management Co. hopes to end that by raising funds to purchase and…

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