Forecast: Fossil Fuel Energy Consumption in Nigeria

From 2013 to 2023, Nigeria's fossil fuel energy consumption exhibited a gradual decline, starting from 18.59 and reaching 18.76 in 2023. The year-on-year variations showed minor fluctuations with marginal decreases since around 2016. Over the past five years, the compound annual growth rate (CAGR) was -0.016%, indicating a slight but steady reduction in fossil fuel usage.

Projected data from 2024 to 2028 predict a continued slight decrease in consumption with a forecasted 5-year CAGR of -0.01% and an overall growth rate of -0.07%. This trend suggests a modest but consistent decline in fossil fuel dependence in Nigeria.

Future trends to watch for include:

• A potential increase in renewable energy adoption and its impact on reducing fossil fuel consumption.
• Government policies promoting sustainable energy practices and their effectiveness.
• Technological advancements in energy efficiency and alternative energy sources.