Forecast: Renewable Energy Consumption in Nigeria

Renewable energy consumption in Nigeria stood at 81.93 units in 2023, showing a slight decrease of 0.19% from the previous year. Over the last two years, the consumption has seen minor fluctuations, with a negligible average year-on-year variation of around -0.19%. Analyzing the last five years, the average annual compound growth rate (CAGR) stands at a modest 0.071%, highlighting relatively stable consumption levels.

Looking ahead, the forecast for 2024-2028 indicates a gradual decline, with a forecasted 5-year CAGR of -0.15% and an overall growth rate of -0.73%. By 2028, the consumption is expected to decrease further to 81.18 units.

Trends to watch for:

• Government policies and investments in renewable energy projects.
• Technological advancements and their adoption rates.
• Changes in global energy markets and their impact on local consumption patterns.