Forecast: Total Renewable Energy in Nigeria

The total renewable energy output in Nigeria has shown a steady increase from 2013 to 2023, rising from 108.96 million tonnes of oil equivalent to 130.96 million tonnes of oil equivalent. The year-on-year growth rate fluctuated, with the highest increase of 2.7% in 2015 and a gradual tapering to 1.59% in 2023. Over the last five years, the compound annual growth rate (CAGR) has been maintained at an average of 1.67%, indicating stable but moderate growth in renewable energy output.

Looking ahead, the forecasted data from 2024 to 2028 points to a continued increase in renewable energy output, albeit at a slightly slower annual growth rate. The projected five-year CAGR from 2024 to 2028 is lower at 1.13%, with an overall growth rate of 5.76% over this period. This suggests a somewhat decelerating yet positive expansion in Nigeria’s renewable energy capacity.

Future Trends to Watch For:

• Government policies and investment in renewable energy infrastructure
• Technological advancements and their impact on renewable energy production efficiency
• Global economic conditions influencing energy demand and investment
• Climate change initiatives and international agreements affecting energy sources