The total renewable energy supply in Nigeria in 2023 stood at 75.18 units of Total Primary Energy Supply, reflecting a slight overall decline over the last ten years from 76.22 units in 2013. Over the past two years, there has been a mild decrease year-on-year of approximately -0.24%. The Compound Annual Growth Rate (CAGR) over the last five years stands at -0.87%, indicating a steady, albeit slight, downward trend.
Future trends to watch for include:
- Continuation of the gradual decline in renewable energy supply, with a forecasted 5-year CAGR of -0.18% and a total decrease by 2028.
- Potential policy interventions and investments in renewable energy infrastructure that could alter the forecasted trend and promote a shift towards more sustainable energy sources.
- Technological advancements and international collaborations that might lead to more efficient and cost-effective renewable energy solutions.
- Monitoring economic conditions and energy demand fluctuations that can impact renewable energy supply dynamics.
