Forecast: Energy Consumption in Industry in Nigeria

Energy consumption in Nigeria's industry has undergone notable variations from 2013 to 2023. The actual data indicates a sharp decline from 2013 to 2014, followed by a relatively stable period between 2015 and 2023 with small fluctuations. In 2023, the energy consumption stood at 5.53 Units of Total Energy Consumption.

From 2022 to 2023, there was a modest increase of 0.36%. The average annual growth rate (CAGR) over the last five years suggests a slight uptick of 0.32%, indicating a slow but steady rise in energy consumption forecasted for the next five years, with an overall growth rate of 1.62% through 2028.

Future trends to watch for:

• Potential advancements in energy-efficient technologies and practices within the industrial sector.
• The impact of government policies promoting renewable energy sources.
• Fluctuations in industrial activity and their influence on energy demand.