The data on energy consumption in services in Nigeria from 2013 to 2023 shows initial growth with fluctuations, peaking in 2015. After 2015, there was a trend of gradual decline, stabilizing around 2.5 units from 2017 onwards. Specifically, in 2023, the consumption stood at 2.49 units. The year-on-year variation over the last two years was -0.4% in both 2022 and 2023. The average annual change over the last five years (CAGR) was a decline of -0.4%. This historical pattern suggests a leveling off of energy consumption with minimal changes annually.
Future trends to watch for:
- Technological advancements in energy efficiency and renewable energy sources.
- Government policies and regulations impacting energy consumption.
- Economic growth or decline and its impact on service sector energy needs.
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