Forecast: Share of Renewable Energy and Nuclear Energy Use in Nigeria

Over the period from 2013 to 2023, the share of renewable energy and nuclear energy use in Nigeria has consistently declined. The historical data highlights a year-on-year reduction, with the value standing at 0.20 in 2023. The last two years show year-on-year percentage decreases of -3.61% in 2022 and -3.67% in 2023. The average annual decline over the past five years, calculated as the compound annual growth rate (CAGR), is -3.56%.

Forecasted data from 2024 to 2028 indicates a continued downward trend. The projections suggest the CAGR over these years will be -3.52%, resulting in an overall decline of -16.41% by 2028.

Future trends to watch for include:

• The potential impact of government policies and incentives on renewable and nuclear energy investments.

• Technological advancements that may alter the current decline in energy shares.

• Emerging global trends in energy consumption and their influence on Nigeria's energy strategy.