Forecast: Renewable Electricity in Nigeria

The renewable electricity generation in Nigeria stood at 23.05 units in 2023. Over the last two years, there was a slight decline with year-on-year variations of -1.12% in 2023 and -1.10% in 2022. Analyzing over the past five years, the compound annual growth rate (CAGR) was approximately -0.069%. Despite fluctuating values over the observed period, the overall trend indicates a gradual negative growth.

The forecasted data suggest a continued decline with the unit predicted to reduce to 21.79 by 2028, showing a negative forecasted 5-year CAGR of -0.9%. This underscores a need for actionable strategies in the sector to reverse this declining trajectory.

Future trends to watch for include advancements in technology that could enhance efficiency, increased investment in renewable projects, policy changes, and incentives from the government aimed at boosting the adoption and scaling of renewable energy generation.