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Nigeria's International Power Debt – A Breakdown of Q2 2024 Payments

Nigeria’s electricity sector is a crucial part of the West African energy landscape, with international bilateral customers from neighboring countries like Benin Republic and Togo depending on its power supply. However, the latest report from the Nigerian Electricity Regulatory Commission (NERC) sheds light on some troubling financial gaps, particularly in payments for electricity consumed by these countries in the second quarter of 2024.

Invoices and Payments – What the Numbers Reveal

According to NERC’s Q2 2024 report, Nigeria issued a total invoice of $15.60 million to international customers between April and June 2024. However, only $9.81 million was remitted, leaving a substantial deficit of $5.79 million.

 This marks a 62.88% remittance performance, highlighting the challenges Nigeria faces in collecting full payment for electricity supplied abroad.

Country-by-Country Breakdown

Several foreign companies are responsible for remitting these payments. The report provides a detailed account of how much each company paid compared to the amount billed:
Para-SBEE (Benin Republic): This company was billed $4.29 million but managed to pay only $1.23 million, translating to a 71.21% payment.

Transcorp-SBEE (Benin Republic): Outperforming others, Transcorp-SBEE fully settled its $4.25 million invoice, showing a 100% remittance rate.Mainstream-NIGELEC (Togo): Togo’s Mainstream-NIGELEC was billed $3.59 million, out of which $1.09 million was paid, resulting in a 69.72% payment rate.Odukpani-CEET (Togo): Odukpani-CEET is the only international customer that failed to make any payment during the second quarter despite being billed $3.47 million.
Comparative Insights – A Look Back at Q1 2024
Interestingly, the situation in Q2 2024 shows a marked improvement from the first quarter of the year, where none of the four international customers made any payments. NERC's report notes that during Q1, international customers were invoiced $14.19 million but paid nothing. 

This non-payment prompted an accumulation of debt, some of which was partially cleared in Q2
Cumulatively, international bilateral customers have paid $16.65 million in 2024, with Transcorp-SBEE and Mainstream-NIGELEC showing commitment by clearing outstanding invoices from previous quarters.


Conclusion – A Growing Challenge?While there has been some progress in payments, the lingering debts pose a risk to Nigeria’s energy sector. With over $5 million still owed, it remains to be seen how Nigeria’s electricity regulators will address this issue and ensure full remittance from its international customers in future quarters.

NERC's report underscores the complexity of maintaining cross-border energy agreements while ensuring timely and full payment for services rendered. The challenge moving
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