Forecast: Renewable Energy Supply (Excluding Solid Biofuels) in Nigeria

The renewable energy supply (excluding solid biofuels) in Nigeria experienced fluctuations between 2013 and 2023. In 2023, the supply stood at 0.41 units of total primary energy supply. The year-on-year variation saw notable increases in certain years, such as 2016 (+23.68%) and 2015 (+18.75%), while there were declines in 2020 (-8.7%) and 2023 (-2.38%). From 2019 to 2023, the Compound Annual Growth Rate (CAGR) was negative, averaging -1.51% per year, indicating a slight downward trend in renewable energy supply growth over the last five years.

Looking ahead, the forecasted renewable energy supply from 2024 to 2028 suggests a continued gradual decline at an average annual rate of -1.51%, resulting in an overall decrease of about 7.32% over the five-year period. Future trends to watch for include:

• Government policies and incentives affecting renewable energy development
• Technological advancements in renewable energy generation and storage
• Investments and collaborations from international stakeholders
• Impact of global trends and agreements on local renewable energy initiatives